Income Tax Department has alleged that senior officials with US bank accounts will be in bull’s eye. Tax authorities have started acting on the information shared by the US with India under the Foreign Account Tax Compliance Act (FATCA).

Enquiry notices have been sent to individuals with US bank accounts and potentially opening them up to prosecution on charges of concealing black money overseas.

As per tax official, the queries mostly relate to dividends, interest income and deposits in bank accounts of individuals who spent some time in the US. The government had given people with overseas assets one last opportunity to disclose them under the scheme.

Source: Times of India