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Notice issued to those named in Panama Papers: FM
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SME Times News Bureau | 30 Apr, 2016
Notices are being served on those whose names figure in the Panama
Papers leaks even as the newly-enacted black money act has resulted in
"a certain level of compliance" and helped track black money parked
overseas, Finance Minister Arun Jaitley said on Friday.
"I would
like to say only one thing that for what ever cases are coming before
the tax departments and others; notices are being issued under Income
Tax Act and other relevant laws and actions are being taken," he told
the Lok Sabha during question hour.
His statement came to
supplementaries asked by members, including Nana Patole and Kirit
Somiaya (both Bharatiya Janata Party) and B. Mahtab (Biju Janata Dal) on
the tax evasion issue.
Jaitley, however, said any individual case could not be discussed.
"I
have stated this earlier also under the provisions of section 138 of
Income Tax Act, an individual matter cannot be discussed in public. But
in all cases whatever actions are necessary are being taken," he said.
Minister
of State for Finance Jayant Sinha informed members that the appointment
of a Special Investigation Team (SIT) by the National Democratic
Alliance (NDA) government in 2014 had helped in the purpose of tracking
black money both in the country and outside.
"SIT is doing a
commendable job," he said, adding that recommendations of the SIT had
helped investigating agencies and the government, especially with regard
to black money stashed overseas.
"We have received a wide set of
recommendations from the SIT. The recommendations have been included
and efforts have been undertaken through the Black Money (Undisclosed
Foreign Income and Assets) and Imposition of Tax Act, which was passed
in this august House. This has resulted in a certain level of
compliance.
"There has been a series of investigations and it is
because of disclosures which we got through HSBC as well as through the
International Committee of Journalists and most recent has been the
Panama Papers, as finance minister has indicated, notices have already
been sent out," Sinha said.
He said as far as domestic black
money is concerned, a number of suggestions have been provided there
including the disclosure of PAN card for transactions of Rs.2 lakh,
restrictions on real estate, and so on which have been implemented.
Mahtab
wanted to know if in the wake of reports from SIT and other agencies,
the government is proposing any changes in the law to keep an eye on tax
evaders.
"....has SIT suggested what new law is to be enacted which will minimise the creation of black money in the country?" he asked.
Somaiya
however was pulled up by Speaker Sumitra Mahajan when he took the name
of a popular Maharashtra leader, who is now in jail.
"You know everything, then why are you taking someone's name," Mahajan told him tersely.
Patole
said the contention that agricultural income is growing cannot be true
because, "if such is the case, then farmers would not be committing
suicide" and Sinha agreed that there are instances of tax evasion by
moneyed people when they show their income as agricultural income.
The minister also said there has been an increase of tax payers' network to 5.8 crore ever since the NDA government took over.
"We
should not analyse this number based on the country's total population.
It is only among the 25 crore households and chiefly from seven crore
eligible tax payers in the urban pockets," Sinha said.
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