Latest News
-
FII-Backed Penny Stock Issues New Update On Warrants, Shares Gain 111% In 3-Yrs -
Top 5 Bank Savings Accounts With No Hidden Charges; Check Details? -
150% Gains In 12 Months: This Multibagger Telecom Stock Hits 52-Week High; IIFL Finance Recommends BUY! -
Singapore Orders Recall Of Everest Fish Curry Masala Over Pesticide -
China's Sinking Cities: Researchers Warn Of A Looming Threat, Say Half Of Major Cities Are Drowning -
Inox Wind Secures Repeat 210 MW Order From Hero Future Energies -
100 Grams Of 22K Gold Dearer By Rs 5000 In India: Check Yellow Metal Prices After Latest Rise -
Google Maps Likely To Let EV Drivers Locate Charging Stations Around Them; Here's How One Can Use It! -
Gold Prices In Dubai Shines Amid Middle East Tensions; But, What Will Happen If The Iran-Israel War Eases? -
India’s Macro Economic Outlook: A CFO's Viewpoint
Coercion not a means to unearth unaccounted money: Tax official
New Delhi: The income tax department has never looked at coercion as a way to unearth accounted money and the idea is not to create nightmares, a senior tax official said on Friday.
"The department is never looking coercion as a way. I would like to assure everybody...Our idea is not to create nightmare, or to coerce or to threaten or to extort. If these things are happening please feel free to get us to know," Director General Income Tax (Investigation), Delhi region, Arun Kumar Singh said during an event organised by PHD Chamber.
Singh said the department has to do an "unpleasant" job but they are mandated to do so. "We as a department are an information based department. We have to have information, on the basis of which information the confirmation officer has to have reasons to believe the sufficiency of the information. But...We have some adverse decisions also," he said. When asked if the government has any target on unearthing unaccounted money, he said no targets have been set.
The Finance Ministry has asked tax evaders to pay their dues or face necessary action. The Ministry has set indirect tax collection target, comprising customs, excise and service tax, at Rs 5.65 lakh crore for 2013-14, up from Rs 4.73 lakh crore in the last fiscal.
PTI
