New Delhi: As part of its no-nonsense approach towards tax evasion and black money, the government has warned everybody to come clean or face jail term. The government said that it huge IT network and no black money hoarder or tax evader will be spared.
Warning that never before such a crackdown has happened, CBDT Chairman Sushil Chandra said, “ Nobody will be spared, no matter how powerful he/she is.” Elaborating on the crackdown, Chandra said that already 3000 IT notices have been sent, and more are on their way. The Income Tax department works under the CBDT (Central Board of Direct Taxes)
“This is the last chance for black money hoarders, they should come clean. Government wants that tax payers should change their psyche and stop evading taxes,” Chandra told Doordarshan in an interview. He said already 600 searches have been done by IT officials.
CBDT chairman said that the IT officials have unearthed black money over Rs 3,000 crore. All banks have been asked to furnish details of accounts in which balance is over Rs 1 crore.
“ If people own up black money in their returns, they will get away with 77.5% tax, if the department detects it then they will have to pay 85% tax plus penalty,” Chandra added.