No backdoor VDIS, says Pranab Mukherjee |
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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.
PTI
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First Published: Sunday, March 18, 2012, 20:07
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