Economy

Centre won’t spare tax evaders: FM New Delhi, March 3  The government will come down heavily on tax evaders and take steps to prevent black money generation, finance minister P Chidambaram said on Thursday. “I will come down heavily (on tax evaders)... We have taken a small step,” he said referring to the tax on cash withdrawal. “We have documentary evidence that huge cash transactions take place and they leave no trail at all. This is how black money is generated and circulated from hand to hand. We have taken a small step,” he said in an interview to DD News. Out of the 103 crore people in the country, Mr Chidambaram said, "102 crore people are not concerned with the tax on cash withdrawals of Rs 10,000 every day. Nobody is cribbing about Rs 10 but about the tax trails. I need to discourage huge cash transactions." Elaborating on the tax trail, he said tax information network (TIN) is supposed to bring in all information together along with the annual information report, which specified authorities have to report. “We will have information network where we can cross-verify transaction by individuals in different ways,” Mr Chidambaram explained. —PTI

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