The Hindu : Front Page : Yet another panel on black money

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Thursday, Jun 09, 2011
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Yet another panel on black money

Special Correspondent

NEW DELHI: In an initiative of addressing the issue of black money, the Union government on Wednesday announced the setting up of a committee under the Central Board of Direct Taxes (CBDT) to not only trace tax defaulters but also make public their identity and recover taxes.

The announcement came on the day of one-day fast by social activist Anna Hazare at Raj Ghat here, seeking the enactment of a lokpal bill to tackle corruption at high places.

The committee, to be headed by Director-General of Income Tax (Administration) Anita Kapur will suggest ways to recover taxes from assesses, who are not traceable. It will also examine the possibility of engaging outside agencies to locate non-traceable assessees and their undisclosed assets.

Last month, the government set up a high-level committee to suggest a legal framework for confiscating black money and declaring it a national asset. A study was also instituted to quantify unaccounted income and wealth stashed within and outside the country.

The new panel will also suggest modalities for utilisation of the information available with Financial Intelligence Unit -India (FIU-IND) and the Directorate of Income Tax (Systems) with a view to recovering outstanding demands.

Reward scheme

The CBDT committee will examine the feasibility and methodology of putting the names of tax defaulters in public domain. Besides, it was asked to propose a reward scheme for informants who supply information about chronic tax defaulters and which results into collection of the outstanding demand.

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