Measures for Checking Out-Flow of Black Money
The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These include scrutiny of tax returns; surveys, search and seizure actions; imposition of penalty and launching of prosecution in appropriate cases. Information technology is used in a systematic way for collection and collation of information to take anti-evasion action against tax evaders.
The Government has also framed a comprehensive five-pronged strategy in order to bring back the country’s money illegally stashed abroad. The strategy comprises of:
(i) Joining the global crusade against ‘black money’;
(ii) Creating an appropriate legislative framework;
(iii) Setting up institutions for dealing with Illicit Funds;
(iv) Developing systems for implementation; and
(v) Imparting skills to the manpower for effective action.
This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in the Rajya Sabha today.
The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These include scrutiny of tax returns; surveys, search and seizure actions; imposition of penalty and launching of prosecution in appropriate cases. Information technology is used in a systematic way for collection and collation of information to take anti-evasion action against tax evaders.
The Government has also framed a comprehensive five-pronged strategy in order to bring back the country’s money illegally stashed abroad. The strategy comprises of:
(i) Joining the global crusade against ‘black money’;
(ii) Creating an appropriate legislative framework;
(iii) Setting up institutions for dealing with Illicit Funds;
(iv) Developing systems for implementation; and
(v) Imparting skills to the manpower for effective action.
This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in the Rajya Sabha today.
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