Black Money Panel Suggests Amnesty Scheme

The government may announce an amnesty scheme for citizens having unaccounted wealth abroad and also permit taxmen to dig into income tax filings of past 16 years of suspected assessees, based on the suggestions made by a high-powered panel. The committee on black money, headed by the chairman of Central Board of Direct Taxes, which met last week, considered among other suggestions, an offshore voluntary compliance scheme on the lines of the one operated by the Internal Revenue Service in the United states.

Economics Times, New Delhi, 28-12-2011