HSBC comes under US tax scrutiny

Originally posted by 5corpio
............ Indian accounts

US authorities are taking first steps towards an investigation into HSBC's alleged role in enabling tax evasion.

The Department of Justice has asked a federal court to allow US tax authorities to demand personal account details of US taxpayers from the UK bank's Indian subsidiary.

HSBC said it had not seen the summons but did not condone tax evasion.
The investigation will focus on Indians living in the US, who have to pay US income tax on their worldwide income.

'Wider effort' The Department claims that HSBC India encouraged these non-resident Indians to set up accounts in India, which were then concealed from the Internal Revenue Service (IRS) in order to avoid paying.....Read more Here