Government aware of black money sources, says Jaitley

Bengaluru, July 23: Reminding tax evaders of the Income Disclosure Scheme (IDS) to come clean and pay up by September 30, Union Finance Minister Arun Jaitley on Saturday said the government was well aware of the sectors that generated black money.

"Everybody, including the tax department, is aware of the sectors in which unaccounted money is generated. But it would be an unpleasant duty for any state to start the process of big brother watching," Jaitley said at a seminar on the IDS 2016 here.

Hinting that non-payment of direct taxes would be detected in the near future, he said all those who earn must pay taxes, which are reasonable in India when compared to the rates in other countries.

"Keeping a watch on transactions of citizens is not a happy thing to do for a government, which has to trust its people in complying with tax laws," Jaitley said.

Advising people to avail of the scheme and come clean on their unaccounted wealth, he said it was a good opportunity for clearing up the past and live without worry.

"I hope the scheme is an opportunity for tax payers to come out clean, sleep well and live with their heads held high. Those who pay taxes lead a life without fear and I am sure it is an opportunity which is granted," Jaitley reiterated.

The seminar was organised by the Federation of Karnataka Chamber of Commerce and Industry in partnership with the income tax department and the Federation of Indian Chamber of Commerce and Industry.

Revenue Secretary Hasmukh Adhia also spoke at the seminar, which was meant to create greater awareness of the scheme among public and others.

The scheme, which Jaitley announced in the budget for this fiscal (2016-17) on March 1, provides a one-time chance to all those who have not disclosed their income or assets to come clean and pay up with penalty by September 30.

IANS