Those not disclosing black money will be at big risk: FM
14 July, New Delhi
Union Finance Minister Arun Jaitley Thursday made it clear that government will not reopen or extend the dates, or give any further concession as far as rate of tax is concerned for the disclosure of black money or unaccounted money.
He made it clear that those who will not disclose their black money will be at big risk.
Interacting with the industrialists and businessmen here, Jaitley warned that this will be last chance to declare their black money. Those who will miss this time, will attract big risk in time to come as government will not spare them at all.
While saying that in most of the developed countries there is a fear of law specially in case of tax evasion, he indicated that his government is going to make it tough for those who are going to miss the ‘bus’ this time as he is going to follow the rules.
Rejecting the demand for calculation of taxes on the black money or unaccounted money on the actual amounted invested in the past, he said that it will not happen as this will put the honest tax payer at disadvantage and the government will not discourage them those who pay taxes on time.
He made it clear that the wealth or ‘Benami’ properties created out of black money has generated more black money, so we cannot ignore this as the concerned dishonest taxpayers have got advantage of their black money in these years. So they have to pay the 45 per cent tax at any cost on the current value of their properties.
He clarified that in changing scenario it is becoming easy to get income and expenditure related info by the tax department. It will be difficult to even make the expenditure of black money in coming days. Most of the transactions are being done in such a way that the agencies will get all the info instantly. Even other countries will provide this info in real time.
He also added that with the implementation of the GST, every transaction will get recorded and even the generation of black money will become difficult.
He urged to the people concerned to take advantage of the Income Disclosure Scheme and pay the taxes and come out clean.
He again assured that government will not disclose any info to any other agency about the people who are making disclosure under the scheme.
“The relationship between the taxmen and the assesse is undergoing change though it is still a work in progress. The change will be visible in the future. Apprehensions and fears need to be eliminated and discretions will have to disappear,” said Jaitley.
The Finance Minister highlighted that the personal contact between the IT department and the assesse is gradually getting reduced with various reforms being taken by income tax department such as online filing of returns, online answering of queries, online orders and online refunds.