Government ask Income Tax Department to unearth domestic black money

Indian Government asked income tax department to take strict steps to unearth domestic black money as one year ago they promised people that whatever the circumstances, they will bring black money back to India .Now they are also working toward domestic black money.

They are keeping a close watch on ponzi schemes, bogus IPOs and other such illegal means of raising money. The government is determined to fight menace of black money both abroad and inside the country

Parliament recently passed the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, to deal with black money stashed abroad.

It is goal for every officer to give equal emphasis on domestic black money. There are so many initiatives had been taken but there are some areas that are mainly targeted.

Ponzi schemes should be checked strictly which are unregulated and result in cheating the poor citizens of the country. In such a situation, Officers need to be very alert and if there are such schemes coming up then it needs to be referred to the respective regulatory agencies whether at state level or Reserve Bank level apart from taking deterrent action or taking effective action from tax point of view.

The second area is with regard to bogus IPOs and accommodation entry cases. There are so many cases identified in last couple of months so all the cases need to be taken to a logical conclusion.

All the assessment which requires to be completed before March 31, they have been completed. Investigation need to be completed expeditiously and finally.

Tax officials effectively share information with Central Economic Intelligence Bureau to check tax evasion and fraud.

The target of 7.98 lakh crore, direct tax collection that has been set in 2015-16, is very much achievable, it is a very realistic target, aligned with the kind of GDP growth which has been forecast in the economic survey and it is also based on our internal analysis and past and historical trends.