Tax evaders could be in for trouble as the government is mulling placing tax crimes on a par with money laundering offences that have severe criminal and financial implications. India could bring income-tax offences under its anti-money laundering law, making way for easier prosecution, rigorous imprisonment, fines and shifting onus on the accused to prove he is not guilty."An inter-departmental group has been set up to examine the changes required," a senior finance ministry official told ET.The group's recommendations could then be placed before Parliament and changes made to the Prevention of Money Laundering (amendment) Bill, 2011.The offences will include concealment of income, failure to deposit tax deducted at source and false evidence.These changes are consistent with a global plan drawn up by the Finance Action Task Force, an inter-governmental body to combat money laundering and terror financing, of which India is a member.Many countries have already incorporated these offences in their money laundering laws even though the FATF adopted them as part of new standards in February this year.If these offences become scheduled offences under the anti-money laundering law, they will attract rigorous imprisonment of three to seven years and a fine of up to 5 lakh. A proposed amendment to PMLA has suggested open-ended penalty, to be decided by courts, as opposed to a maximum of 5 lakh fine now.
Source : ET
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