`Reports on black money estimates by month end`
New Delhi: The reports on black money estimates are expected to be submitted to the Finance Ministry by end of this month, a senior government official said on Wednesday.
As part of efforts to tackle the menace of black money, the government has commissioned studies to estimate the amount of unaccounted income and wealth.
The studies are being conducted by three institutes -- National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM).
The reports are "expected by end of April", Promila Bhardwaj who is the Director General of Income Tax (International Taxation) said here.
To check illicit fund flows and tax evasion, the government is working on steps, including rationalisation of tax structure and providing legislative clarity on tax issues.
Besides, efforts are on to have strict disclosure rules, particularly for intra group transactions and standardised global norms on taxation of e-commerce.
According to Bhardwaj, there is a need to "reduce disincentives against voluntary compliance".
"India is actively trying to get a consensus among BRICS countries for strong action against illicit financial flows," she said.
Bhardwaj said that India and most of the developing countries have been propagating for source-based taxation.
"But of late, developed countries most of the time have been propagating residence-based taxation... Now in the changing scenario, the developed countries are also the source countries," she added.
Further, she said artificial distinction between `liable to tax` and `subject to tax` should be removed.
More from India
More from World
More from Sports
More from Entertaiment
- 'Mann ki Baat': Will implement 13 new pointers to Land Bill from today itself, says PM Modi
- Indrani 'slow-poisoned' Sheena, wanted to portray Mikhail as 'mentally unstable'?
- People have no faith left in Modi government: Sonia Gandhi at Swabhiman rally
- Will not allow any political party to join agitation: Hardik Patel
- Swabhiman rally: About Bihar's development or Narendra Modi?
- Sheena Bora murder case: Indrani Mukerjea's ex-husband Sanjeev Khanna, driver taken to Raigad to recreate crime scene
- Satire website publishes article on Osama bin Laden being alive and quotes Edward Snowden
- Indrani's former brother-in-law claims Sheena was Siddharth Das' daughter
- Sheena murder: Suitcase seized from Indrani, Peter's residence meant for disposing Mikhail's body?
- Militants kill two engineers in Pakistan airport attack