Train lens on black money within country: Arun Jaitley to I-T

Written by ENS Economic Bureau | New Delhi | Updated: Oct 31 2014, 13:43pm hrs
Arun JaitleyDo not lose sight of domestic black money keeping in view its much higher magnitude, FM Arun Jaitley tells I-T Department.
Amid the ongoing proceedings on illegal funds stashed overseas by Indians, finance minister Arun Jaitley on Thursday said that the income tax department should also focus on domestic black money, which is in much higher magnitude.

In a review meeting of senior officials of the Central Board of Direct Taxes (CBDT), Jaitley said that the department should target sectors where the domestic black money is most prevalent.

Do not lose sight of domestic black money keeping in view its much higher magnitude ... make best efforts to chase those sectors where the domestic black money is most prevalent. The recovery of black money and taxes due thereon will also help the department in achieving its tax collection targets, the finance minister told the chief commissioners.

Earlier this week, the Supreme Court had ordered the Centre to submit names of Indians having illegal money parked in foreign banks following which the government submitted a list of 627 names to the apex court in a sealed envelope.

Further, the finance minister, while reviewing the revenue collection target for 2014-15, said that with the prospects of improvement in economy, the department should be able to achieve the Budgetary target of Rs 7,36,221 crore.

As on October 20, the department has mopped up net direct taxes worth Rs 2,96,802 crore while gross collections stood at Rs 3,77,652 crore, up 13.6 per cent year-on-year, a statement from the finance ministry said. Certain sectors such as services are doing well while others including manufacturing are gradually picking-up ... The performance of economy during the Q3 and Q4 of the current financial year would be better than previous ones, Jaitley said.