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The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan's Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan, accused of siphoning off $8 billion to an unreported Swiss bank account. Along with the statement of Khan, the I-T department has also asked ED to part with a copy of the st.. Full Article

Amid their widening investigation into banks suspected of facilitating offshore tax evasion by wealthy Americans, the federal authorities are contemplating a novel punishment: a severe monetary penalty normally reserved for individual Americans. The penalty stems from the violation of a rule known as Foreign Bank and Financial Accounts, or Fbar(pronounced EF-bar), that requires American taxpayers with overseas bank accounts and foreign assets to file a special disclosure.. Full Article

India and Switzerland will soon start negotiations to enlarge the scope of their bilateral double taxation treaty to allow sharing of details of bank accounts of people accused of tax evasion, visiting Swiss Vice-President and Minister of Economic Affairs Doris Leuthard said on Thursday. Full Article