Bengaluru: The Centre intended to cut corporate taxes to encourage investment and employment generation, Union Finance and Corporate Affairs Minister, Arun Jaitley revealed here on Saturday.
The minister, who was elaborating on the Income Declaration Scheme (IDS) -2016, before an audience of chartered accountants and officers of the Income Tax department as well as representatives of trade and industry here, warned that people evading taxes could be at risk with the advent of modern technology.
“Our department will reach out to all those evading taxes despite enjoying the facilities provided by the government,” he declared, explaining that IDS had been introduced to “help people pay their taxes, clean up their books and sleep well at night.”
“If you are honest in paying taxes, the department will not harass you,” he assured. Recalling that the government had given people with illegal assets abroad the opportunity to come clean last year, he said many had taken advantage of the scheme and declared their assets, but others continued to hide such information.
“Today exchange of information is very easy between countries. Many countries that are a part of G-20 are willing to provide such information and so it has become very difficult for people with illegal assets abroad to conceal them,” he noted.
Union Revenue Secretary, Hasmukh Adhia too cautioned tax evaders that they could be found out owing to modern technology. “Using Information Technology, we have already obtained information about tax evaders and have a database of those who don’t have TAN numbers but are doing business of Rs 50 lakh crore,” he revealed.
Noting that IDS provided those with undisclosed assets the opportunity to come clean and pay their taxes, he assured that such taxpayers would get immunity from the department and their source of income would not be disclosed to anyone, including other government departments....