Centre to set up foreign asset probe cell The units have been created in all the 14 investigation directorates of the tax department that are primarily tasked to undertake raids and seizures and develop intelligence to check tax evasion done by various methods
A special unit has been created by the government in the countrywide investigation wings of the income tax department for a focussed probe in the cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said.
The Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates of the tax department located in the various parts of the country that are primarily tasked to undertake raids and seizures and develop intelligence to check tax evasion done by various methods.
Monday, January 11, 2021
Wiggin and Dana’s Immigration and Nationality Law and Compliance Practice Group addresses the spectrum of business immigration needs for employers and related individuals, including the incidental compliance areas that intersect with immigration law. Tax law is one such area. As we begin a new year, we are providing a quick refresher on some primary tax law considerations related to U.S. immigration status. Of course, it is imperative to consult with immigration and tax advisors to ensure compliance in both areas.
For U.S.
federal income tax purposes, the Internal Revenue Service (“IRS”) categorizes individuals into three groups: 1) U.S. citizens, 2) resident aliens, and 3) nonresident aliens. Each group is subject to different rules with respect to U.S. tax payment and filing obligations, and there are different withholding requirements for payments made to individuals in different groups. The discussion below will focus on
Can a United States Citizen Have an Offshore Bank Account?
Published 3 months ago
By Luigi Wewege, Senior Vice President, and Head of Private Banking of Belize based Caye International Bank
One of the downsides of the Internet is the dissemination of misinformation. That has led some to believe that US citizens cannot open and maintain offshore bank accounts, investment accounts, and other types of financial resources. That’s not the case.
While some things have changed over the years, the truth is that US citizens are free to open accounts outside the country’s borders. Here is some necessary information about this type of financial strategy and what it could mean for you.
New special unit in I-T Dept to probe undisclosed foreign assets
Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates of the Income Tax Department located in various parts of the country
PTI | January 10, 2021 | Updated 22:54 IST
A special unit has been created by the government in the countrywide investigation wings of the Income Tax Department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said.
The Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates of the tax department located in various parts of the country that are primarily tasked to undertake raids and seizures, and develop intelligence to check tax evasion done by various methods.