Millennium Post

Don’t lose sight of domestic black money: FM to I-T Dept

As government steps up efforts to bring illicit funds stashed abroad, Finance Minister Arun Jaitley on Thursday asked Income Tax department not to lose sight of domestic black money and ‘chase’ sectors where it is most prevalent. Addressing the senior officers of the Central Board of Direct taxes (CBDT), he asked tax officials to be assessee friendly while aiming at widening the tax base.
The Revenue Department officials, Jaitley said, should not ‘lose sight of domestic black money keeping in view its much high magnitude’.

‘He asked the senior officers of the I-T department to make their best efforts to chase those sectors where the domestic black money is most prevalent,’ a finance ministry statement said.

‘The recovery of black money and taxes due thereon will also help the department in achieving its tax collection targets,’ Jaitley said. The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in order to assess the revenue collection target for 2014-15 fiscal.

Certain sectors of economy such as services sector are doing well while other sectors including manufacturing sector are gradually picking up compared to previous years, he said, adding that the economy will perform in the second half. Gross income tax collection grew 13.6 per cent to over Rs 3.77 lakh crore between April-October 20. The net collections stood at over Rs 2.96 lakh crore.
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