The BJP Government is looking at various ways and means to get hold of the black money. The first method of the Government under the leadership of Modi was demonetisation.
The process is still on. But the Finance Ministry under the guidance of Jaitely has suggested the IT department that it should go into the accounts in the banks in a detailed and scientific fashion to get hold of the black money.
The government is looking to tighten the noose on black-money hoarders in the Union Budget. It may amend the Income Tax Act, allowing the taxman to scrutinise your transactions that are older than six years, said top sources in the tax department.
Earlier they wanted to look into the gold of families and ask for bills, but since there was a lot of backlash from the ladies in open against the Government, the just stopped talking about it. Now they want to look into the bank accounts in a detailed fashion.
Already, the government has launched two schemes for voluntary disclosure of black money in 2016.
“The Income Tax Act will be changed in the Budget to remove ambiguity around the provision of opening old cases,” said the tax official seeking anonymity.
The clarification is likely to include the provision that tax will levied on the current valuation for illegitimate wealth.
“We can catch an offender with black money generated even 40 years or more ago,” said a senior tax official. But this decision might also irk the individuals who are already at the mercy of bankers since last two months. They are unable to with draw their own money.
