Non-payment of income tax may soon become prosecutable under - TopicsExpress

Non-payment of income tax may soon become prosecutable under Prevention of Money Laundering Act The government may prosecute those accused of evading taxes under the Prevention of Money Laundering Act (PMLA) as part of a wide ranging crackdown on black money. Further, non-declaration of foreign bank accounts and assets may also be made a criminal offence, according to people who have been briefed on the thinking within the tax authorities and the finance ministry. Failure to pay income tax could become prosecutable under anti-money laundering laws if the amount evaded exceeds Rs 50 lakh, according to a person aware of the deliberations. Under laws currently in place, neglecting to pay income tax is a compoundable offence, that is, offenders can end proceedings by paying a penalty. Failing to pay service tax, in certain specific situations, and excise duty are criminal offences even now.

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