Take steps to recover unaccounted income, Finance Ministry told

June 24, 2019
New Delhi: A parliamentary panel has asked Finance Ministry’s Revenue Department to take steps to unearth and bring to book unaccounted income, both within and outside the country.

The Parliamentary Standing Committee on Finance, in its report, also asked the Department to initiate follow-up action on the seven reports of the Special
Investigation Team (SIT) constituted on black money, as well as, the three study reports on estimation of unaccounted money.

The panel’s exhortations came in its report which was tabled in the Lok Sabha on Monday.

“The Committee would expect the Ministry of Finance (Department of Revenue) to continue their efforts with greater vigour to unearth and bring to book unaccounted income/wealth both within and outside the country including follow-up action on the seven reports of the Special Investigation Team (SIT) constituted on Black Money as well as the three study reports on estimation of unaccounted money,” the report said.

“The Committee would thus expect more fruitful outcomes on this count, both in terms of much wider tax base as well as actual tax yield. In this context, the Committee also desire that the long-delayed Direct Taxes code should also be finalised at the earliest and re-introduced in Parliament with a view to simplifying and rationalising the direct tax laws in the country.”

Additionally, the panel said it would formulate detailed recommendations on the subject “after conclusion of the examination/evidenceson the subject, asked in the interim, the Ministry of Finance (Department of Revenue) to furnish Action Taken Replies (ATRs) to the Committee within three months”.

IANS