New Delhi: Finance Minister P Chidambaram told the Rajya Sabha on Monday that the authorities were aware of the identities of spenders with high income and will zero in on them to bring them into the tax net.
Replying to the discussions on the Appropriation Bill (No 3), 2006, authorising payment and appropriation of certain sums from the Consolidated Fund of India, Chidambaram said he shared the concern of B Janardhana Poojary (Congress), and was not at all happy at the situation where only 80,000 people in this country had a proclaimed income of over Rs 10 lakh.
“I and every one of us know that there are 80,000 people in South Delhi alone. Even small towns like Chandigarh or Jalandhar towns have more people with such income who don’t pay taxes. It is shocking. We will reach bulk of these people,” he remarked.
The Finance Minister said he had asked the banks to furnish the names of people undertaking high cash transactions and the government had conducted a survey about the seven identified items and people who were dealing with such premium goods and each one was notified with a polite letter.
“Some have responded and those who have not, would be getting stern statutory notices,” he said, pointing to the efforts to net in these people through newspaper advertisements.
He said the results of all these exercise will be known by March 15 when the advance tax payments of the personal Income Tax are to be made.
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