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FM asks Income Tax officers to squeeze parallel economy

By TIOL News Service

 

NEW DELHI, MAY 25, 2015: WHILE addressing the large gathering of CCITs and DGITs here today the Union Finance Minister, Mr Arun Jaitley, asked the officers to carefully tap the parallel economy. But while squeezing the parallel economy no honest taxpayer should be harassed, he added.

Reassuring with respect to the new Black Money Act, the FM said that honest taxpayers have nothing to fear about but those who have stashed money abroad will have everything to fear about. Those who have abused the system in the past and even now intend to defy the Compliance Window offered under the New Act will have to worry.

He also urged the officers that while squeezing the black money economy the officers should also maintain highest standard of integrity.

Mr Jaitley also pointed out that any increase in revenue mop-up would help the Govt to increase social spendings and also contain the fiscal deficits.


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