'Squeeze black economy through highest standard of integrity'

Published on May 25, 2015 18:07:39 PM
Business

At an annual conference held with CBDT (Central Board of Direct Taxes) officials, FinMin Arun Jaitley asked IT officials to squeeze the black economy/parallel economy/black money in a fair manner without being rude by maintaining the highest standard of integrity.

He said that government has taken sequential measures such as introducing black money law, benami transactions bill to control illicit money.

He has given assurance to honest tax payers asking them not to worry or get scared about black money law as it is only targeted against those who have defied the system and squirrelled assets abroad.

He also says that ability of the government to give concessions in terms of rates to honest taxpayers’ increases with the improvement in tax collection.