NEW DELHI: The finance ministry is considering reopening assessments of taxpayers found to possessundisclosed foreign assets and bank accounts to up to 16 years as against six years now.
"We are examining allowing opening up of reassessment to up to 16 years to verify older information and establish money trail, it is necessary to have a provision for opening of older assessment," said a finance ministry official.
A government panel on black money has pitched for reopening assessments of such taxpayers as part of the measures to tackle black money. The official explained that such a law will also help the government secure information under its revised tax treaties such as the one with Switzerland.