03-04-2005, 12:18 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Govt to act tough on tax evaders: FM </b>
New Delhi
The government will come down heavily on tax evaders and take steps to prevent black money generation, Finance Minister P Chidambaram said on Thursday.
Â
"I will come down heavily (on tax evaders)... We have taken a small step," he said referring to the tax on cash withdrawal.
"We have documentary evidence that huge cash transactions take place and they leave no trail at all. This is how black money is generated and circulated from hand to hand. We have taken a small step," he said in an interview to DD News.
Out of the 1.03 billion people in the country, Chidambaram said "102 crore people are not concerned with the tax on cash withdrawals of Rs 10,000 every day. Nobody is cribbing about Rs 10 but about the tax trails. I need to discourage huge cash transactions." Elaborating on the tax trail, he said Tax Information Network (TIN) is supposed to bring in all information together along with the annual information report, which specified authorities have to report.
"We will have information network where we can cross-verify transaction by individuals in different ways," Chidambaram explained.
Asserting that tax reforms announced in the Budget was favourable for honest taxpayers, he said "every tax payer in every tax bracket is a winner." "So a hard-working person, who has an income of Rs 2 lakh need not pay tax. He will get a threshhold exemptions of Rs 1 lakh and if he saves another Rs 1 lakh in whatever manner he likes, he need not pay any tax," he said. <!--QuoteEnd--><!--QuoteEEnd-->
Last month IT officerâs raided house and factories of someone I know very well, it was in Newspaper also, so I called them to find out what is going on because it is a second raid in 3 years.
After spending whole day IT-officers came with over 1 crores unaccounted cash and other fringes. At the end of the day, those officers asked for 35 Lacs as a bribe to settle everything. After 2-3 days negotiation amount is settled to 8 Lacs.
Last time raiding party took 4 Lacs when so called difference was 70 Lacs. Old IT officers got transferred now new man want to make money.
I asked them call raiding team bluff, they told me previously they did and were harassed when they followed books, rules and paid dues. Angry team raided their complex 4-5 times in a year. So it is better to pay them off and you will be free to pay less or no tax and peace of mind.
New Delhi
The government will come down heavily on tax evaders and take steps to prevent black money generation, Finance Minister P Chidambaram said on Thursday.
Â
"I will come down heavily (on tax evaders)... We have taken a small step," he said referring to the tax on cash withdrawal.
"We have documentary evidence that huge cash transactions take place and they leave no trail at all. This is how black money is generated and circulated from hand to hand. We have taken a small step," he said in an interview to DD News.
Out of the 1.03 billion people in the country, Chidambaram said "102 crore people are not concerned with the tax on cash withdrawals of Rs 10,000 every day. Nobody is cribbing about Rs 10 but about the tax trails. I need to discourage huge cash transactions." Elaborating on the tax trail, he said Tax Information Network (TIN) is supposed to bring in all information together along with the annual information report, which specified authorities have to report.
"We will have information network where we can cross-verify transaction by individuals in different ways," Chidambaram explained.
Asserting that tax reforms announced in the Budget was favourable for honest taxpayers, he said "every tax payer in every tax bracket is a winner." "So a hard-working person, who has an income of Rs 2 lakh need not pay tax. He will get a threshhold exemptions of Rs 1 lakh and if he saves another Rs 1 lakh in whatever manner he likes, he need not pay any tax," he said. <!--QuoteEnd--><!--QuoteEEnd-->
Last month IT officerâs raided house and factories of someone I know very well, it was in Newspaper also, so I called them to find out what is going on because it is a second raid in 3 years.
After spending whole day IT-officers came with over 1 crores unaccounted cash and other fringes. At the end of the day, those officers asked for 35 Lacs as a bribe to settle everything. After 2-3 days negotiation amount is settled to 8 Lacs.
Last time raiding party took 4 Lacs when so called difference was 70 Lacs. Old IT officers got transferred now new man want to make money.
I asked them call raiding team bluff, they told me previously they did and were harassed when they followed books, rules and paid dues. Angry team raided their complex 4-5 times in a year. So it is better to pay them off and you will be free to pay less or no tax and peace of mind.