Tax authorities and the finance ministry are contemplating moving the Supreme Court to figure out how they should go about handling information on undisclosed offshore bank accounts of Indians. With the tax office receiving information on thousands of such accounts, the government is in favour of approaching the apex court for a direction on the future course of action in this matter. The government, which has been receiving information on unreported offshore accounts since last two years, expects to access more information with India having entered into tax information exchange with authorities of more than 70 jurisdictions.
Source: Economic Times
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