Arun Jaitley said, 'People should voluntarily made disclosures and come within the tax net'
Finance Minister Arun Jaitley Monday said example needs to be set to create a deterrent ag the inst use of anonymous people to hide ill-gotten wealth, amid some politicians and their family members coming under the scanner for alleged benami deals.
Referring to opposition of PAN-Aadhaar linkage, he said it is an "effective anti-evasion measure" and will get rid of multiple PAN cards and mismatch in income and expenditure, but it is being opposed "in the name of privacy".
He also said that the government is using technology to reduce the interface between a tax department official and the taxpayer to not just cut compliance cost but also corruption and harassment. → Efiling Of Income Tax ←
Addressing tax officers at the Income Tax Day event here, he said that tax rates have to become more reasonable but for that to happen, the tax base has to be widened by including more people in the net.
"These days we are finding political leaders also resorted to (benami dealings)," he said, without naming anyone. "Therefore (we are) unearthing them." → Income Tax Filing ←
He said the government has taken steps under the stringent Benami Transactions (Prohibition) Amendment Act, 2016 that provides for confiscating properties of those who use name of other people to convert unaccounted wealth into white.
"Unless we can set some examples, we set down right deterrent against such kind of practices" can this practice of benami properties end, he said..... Read Full Article
Referring to opposition of PAN-Aadhaar linkage, he said it is an "effective anti-evasion measure" and will get rid of multiple PAN cards and mismatch in income and expenditure, but it is being opposed "in the name of privacy".
He also said that the government is using technology to reduce the interface between a tax department official and the taxpayer to not just cut compliance cost but also corruption and harassment. → Efiling Of Income Tax ←
Addressing tax officers at the Income Tax Day event here, he said that tax rates have to become more reasonable but for that to happen, the tax base has to be widened by including more people in the net.
"These days we are finding political leaders also resorted to (benami dealings)," he said, without naming anyone. "Therefore (we are) unearthing them." → Income Tax Filing ←
He said the government has taken steps under the stringent Benami Transactions (Prohibition) Amendment Act, 2016 that provides for confiscating properties of those who use name of other people to convert unaccounted wealth into white.
"Unless we can set some examples, we set down right deterrent against such kind of practices" can this practice of benami properties end, he said..... Read Full Article
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