India to set up 8 new IT units overseas

India’s Union Budget for 2012-13 has made a quantum jump in allocation for setting up eight new Income Tax (IT) overseas offices in countries like the US and the UK in its efforts to combat the problem of black money stashed abroad While the initial budgetary allocation for these units was Rs 2.41 crore in the current fiscal, it has been raised to Rs 18.20 crore in the coming year. The latest budgetary allocation has come at a time when the eight units are scheduled to operationalise within the current fiscal, and the job is being accorded the highest priority by the Finance Ministry.