Indians named in Panama Papers Leaks are going to face the heat as IT department is going after them

The Income Tax department has already sent summon notices to around 50 Indians named in Panama Papers and others are also likely to be questioned.

About 500 Indians have been named in the massive Panama Papers Leaks, including Amitabh Bachchan and Aishwarya Rai.

READ MORE: Majority of Indians named in Panama Papers Leaks may have used a legal route to have offshore assets

The IT department will also seek sworn statements on whether they had any undisclosed offshore accounts.

"Summons would be sent to everyone (named in the papers). Then their statement on oath would be recorded," a person with knowledge of the matter told ET, adding the notices could be sent within two months.

Meanwhile, SIT investigating black money has been assigned to look into the matter. Also, the enforcement directorate, a finance ministry wing may also help the IT department in the probe.

It is likely that these Indians will be questioned on income generation and tax paid in since 2000.

"Government would require bank statements if it were to prove a wrongdoing in the court of law. The onus then, to provide evidence of otherwise, would be on the tax authorities," a lawyer told ET.

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