I-T Dept should expose black money at home too: Arun Jaitley

I-T Dept should unearth black money at home too

Finance Minister Arun Jaitley asked the income tax department to focus its effort on unearthing ‘quite large’ black money within the country like the effort made by government to bring illegal money stashed abroad. He said that the government is taking full effort to bring out black money stashed abroad, but its necessary to bring make the same effort within the country to unearth black money which is also quite large.

The government has formed a special investigation team(SIT) to unearth illegal lack money stashed abroad. The head of the SIT are Supreme court judge M B Shah and vice chairman Arjit Pasayat. There are 11 members in the SIT panel and each one is head of many investigative and enforcement agencies of the country. The Finance Minister also said that he is hoping that the revenue targets fixed for direct taxes in the current fiscal would not only be achieved but would be surpassed as well.

The direct tax collections for the current fiscal has been pegged at Rs 7,36,221 crore. He said according to this the officers of income tax department will have to work with the highest standard of ethics to achieve the target.
He point up that the officers are duty-bound to work in a non-adversarial, non-intrusive, transparent and fair manner, yet they have to deal firmly with those trying to evade taxes. He also point up that the job of officers in IT department is very difficult in the sense that on the one hand they have to achieve the tax collection targets and on the hand to play the role of tax facilitator for the assesse.

When speaking in an occasion the Central Board of Direct Taxes (CBDT) R K Tiwari said that, the department will make maximum efforts to achieve the tax collection targets fixed as it has achieved more than 100 per cent targets during the last financial year as well and the direct tax collections in the last 10 years grown over 600 percent.

Besides other steps taken to extend revenue include widening of tax base by follow-up of non filers monitoring system (NMS) cases, capturing new information sources such as under reporting of immoveable property transaction amount, buyback of shares through open offers, exchange of information with other countries.

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