Govt Will Not Refrain From Jailing Tax Evaders: Modi
Govt will not refrain from jailing tax evaders: Modi
Prime Minister Narendra Modi on Saturday warned tax evaders of strict action if they do not declare undisclosed assets by September 30. Modi was speaking at a function of the All India Gems & Jewellery Trade Federation organised to felicitate him for relaxing excise norms. Modi said he would not refrain from imprisoning tax evaders.
A large chunk of undisclosed assets are parked in real estate and jewellery, Modi noted in his speech. He urged jewellers to ask their clients to disclose their income in order to evade coercive action by the government.
The NDA government initiated an Income Declaration Scheme (IDS) on June 1, 2016. which enables tax evaders to declare their sources of income and pay a penalty of 45 percent on pending tax revenue to government by September 30, 2016. The government has maintained that those who don’t comply with this deadline may face imprisonment. The government has been coaxing tax evaders to declare their sources of income as a part of a poll promise to identify and account for black money.
The income tax department recently said it will issue letters to seven lakh assesees seeking Information in respect of suspicious high value transactions, according to a finance ministry statement. The department also noted that it has details of about 90 lakh transactions that do not have appropriate documentation to aid accountability for the period 2009-10 to 2016-17. These include cash deposits of Rs10 lakh or more in a saving bank account and sale/purchase of immovable property valued at Rs 30 lakh or more.