No backdoor VDIS, says Pranab Mukherjee

No backdoor VDIS, says Pranab Mukherjee

Last Updated: Sunday, March 18, 2012, 20:07
Comments 0  
No backdoor VDIS, says Pranab Mukherjee New Delhi: There is no "backdroor" Voluntary Disclosure of Income Scheme (VDIS) in the budget, Finance Minister Pranab Mukherjee made it clear on Sunday.

Mukherjee has proposed in his budget presented two days ago that unexplained money, credits and investments would attract the highest tax rate of 30 percent irrespective of the income slab of the person possessing these assets.

This has generated comments that it amounted to an amnesty to people with blackmoney through "backdoor" VDIS and that no further penalties would be imposed in such cases.

Dismissing this speculation, the Finance Minister said, "How could you call it backdoor VDIS? Everyday search and seizure is the normal provision of the Income Tax Act.

When officers go for search and find that somebody has Rs.10 crore in cash which he cannot explain, that money has to be taxed at the highest rate at 30 percent."

Besides the tax, penalty and interest would be imposed in such cases, he said.

First Published: Sunday, March 18, 2012, 20:07
Post Your Comment
 Your comment(s) on this article
The views represented here are not neccesarily endorsed by and its allied websites. All messages will be moderated and no message that has inflammatory, abusive, derogatory language or any language deemed unfit for publication by the editor will be displayed. Though it will be endeavoured that as many messages as possible be displayed, there will be time lag between the submission and publication of the messages. The website reserves the right to publish or reject any message.

latest videos  
Q&A With fm Read More »
Budget will provide breather to aam aadmi: Pranab

FM expressed confidence that the policy road map prescribed in the Budget will steer the course of the economy.

opinion poll
Will the Budget be able to solve India`s deficit woes?
zee exclusive Read More »
A survivor’s Budget, at best!

As Pranab Mukherjee read out his Budget speech the politician in him was right up front.

Education not a priority in the Budget 2012-13 Union Budget 2012: What does it offer to women?
Food security still a distant dream Measly spending on major social sectors
Budget Plus