India asks tax dodgers to come clean by March 2017

Dec 18, 2016, 00:16
India asks tax dodgers to come clean by March 2017

The government has reportedly announced that the political parties can deposit the old Rs 500 and Rs 1000 currency notes in their bank accounts without paying any tax.

On Friday, the government said political parties could deposit old currency notes without getting under the scanner of taxmen. According to Adhia, they have information from FIU of how much deposits have been made in dormant accounts and likewise, hence facilitating the successful raids of the I-T Department.

She said, for each voluntary contribution in excess of 20 thousand rupees, the political parties will have to maintain their records.

While the exemption may be sound legally, in light of demonetisation, the leeway being given to political parties in this respect effectively ensures that they will not come under scrutiny, as the Indian Express points out.

Jaitley further said if any political party allows itself to be misused for converting black money into white, then stringent punishment would be awarded to them.

For those unable to do that, furnishing PAN will be required, Adhia said. "If the individual is putting money in his own account, then we will get information", said revenue secretary Hasmukh Adhia.

This inference seems to have been drawn because of the fact that the income of the political parties is exempt from Income - tax under Section 13A, the statement added.

However, the tax exemption is applicable only if the political party keeps and maintains such books and other documents of the income and the accounts are audited by a Chartered Accountant.

"Don't want inspector-raj to affect people, the people should understand that all information about their deposits is with the department", ANI quoted Adhia.

Offering tax dodgers confidentially and immunity from prosecution under the new tax evasion amnesty scheme, Revenue Secretary Hasmukh Adhia warned of stiffer penalties as well as prosecution against non-disclosure of deposit made in banks.

Adhia said that within one/two months' time banks will accumulate PAN numbers of all existing account holders except for Jan Dhan/BSBD account.

The government reiterated saying that people who fail to disclose their unaccounted income will charged 77 per cent and up to 100 per cent in tax by the end of March 2017.

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