Rs 30,000 crore black money recovered by CBDT
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REDBULL RESEARCH
May 18, 2011, 6:29:39 AM5/18/11
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18 May, 2011, 03.25PM IST,PTI
Rs 30,000 crore black money recovered by CBDT
NEW DELHI: Taxmen have seized black money to the tune of a whopping Rs
30,000 crore in the country in the past two years, said the Central
Board of Direct Taxes (CBDT) which is set to get investigative powers
to boost its drive against wrong-doers.
The CBDT is in the process of creating a Directorate of Criminal
Investigation after getting approval from Finance Minister Pranab
Mukherjee last week.
CBDT chairman Sudhir Chandra said they have gone after big shots and
every search or survey has yielded more than Rs 100 crore in black
money.
Addressing 'National Seminar on Black Money', Chandra said, "Through
IT searches and surveys, we have realised around Rs 30,000 crore of
black money" in the past two years.
"In the last two years, through IT searches, we have uncovered Rs
18,500 crore of black money. That shows we have not gone after small
people and we have gone after big people.
"What is the use of mopping the floor if the tap is open. We are
trying to close the taps?" he said.
He said his officers did not move out of office unless they got
clinching and conclusive information.
Noting that they used to get a lot of complaints, mainly due to
personal vendetta, he said the CBDT was profiling High Networth
Individuals. "Everyone is on our radar," he said.
He said since February, the Income Tax Department has issued 1.15
crore refunds across the country which runs into Rs 1.04 lakh crore.
"The income tax refund is your money. In terms of money, it is Rs
74,000 crore upto March and another Rs 30,000 crore in April and upto
May 15," Chandra said.
He also said the income tax collection has gone up by three times in
the first 45 days of this fiscal compared to the same period last
fiscal.
"Last year till May 15, the gross collection of income tax was Rs
9,000 crore, this year it is Rs 28,000 crore. In 45 days, it has grown
up three times," he said.
He said Income Tax investigation department is being strengthened.
"We are also setting up a new dedicated and computerised exchange of
information cell. Whatever information we want from countries, they
can send it our cell, will coordinate with identical cells of foreign
countries.
"CBDT is also also in the process of creating a Directorate of
Criminal Investigation. The Finance Minister has given his approval
last week. We need infrastructure to support it," he said.
On the Liechtenstein accounts, he said the information what India got
from them cannot even be shared with the Enforcement Directorate.
"Now we are devising some methods to allow non-tax enforcement
agencies to access this. India is also considering signing
multilateral convention and mutual assistance in tax matters," he
said.
Source : Economic Times
Rs 30,000 crore black money recovered by CBDT
NEW DELHI: Taxmen have seized black money to the tune of a whopping Rs
30,000 crore in the country in the past two years, said the Central
Board of Direct Taxes (CBDT) which is set to get investigative powers
to boost its drive against wrong-doers.
The CBDT is in the process of creating a Directorate of Criminal
Investigation after getting approval from Finance Minister Pranab
Mukherjee last week.
CBDT chairman Sudhir Chandra said they have gone after big shots and
every search or survey has yielded more than Rs 100 crore in black
money.
Addressing 'National Seminar on Black Money', Chandra said, "Through
IT searches and surveys, we have realised around Rs 30,000 crore of
black money" in the past two years.
"In the last two years, through IT searches, we have uncovered Rs
18,500 crore of black money. That shows we have not gone after small
people and we have gone after big people.
"What is the use of mopping the floor if the tap is open. We are
trying to close the taps?" he said.
He said his officers did not move out of office unless they got
clinching and conclusive information.
Noting that they used to get a lot of complaints, mainly due to
personal vendetta, he said the CBDT was profiling High Networth
Individuals. "Everyone is on our radar," he said.
He said since February, the Income Tax Department has issued 1.15
crore refunds across the country which runs into Rs 1.04 lakh crore.
"The income tax refund is your money. In terms of money, it is Rs
74,000 crore upto March and another Rs 30,000 crore in April and upto
May 15," Chandra said.
He also said the income tax collection has gone up by three times in
the first 45 days of this fiscal compared to the same period last
fiscal.
"Last year till May 15, the gross collection of income tax was Rs
9,000 crore, this year it is Rs 28,000 crore. In 45 days, it has grown
up three times," he said.
He said Income Tax investigation department is being strengthened.
"We are also setting up a new dedicated and computerised exchange of
information cell. Whatever information we want from countries, they
can send it our cell, will coordinate with identical cells of foreign
countries.
"CBDT is also also in the process of creating a Directorate of
Criminal Investigation. The Finance Minister has given his approval
last week. We need infrastructure to support it," he said.
On the Liechtenstein accounts, he said the information what India got
from them cannot even be shared with the Enforcement Directorate.
"Now we are devising some methods to allow non-tax enforcement
agencies to access this. India is also considering signing
multilateral convention and mutual assistance in tax matters," he
said.
Source : Economic Times
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