Reports on black money estimates likely by April-end: FinMin

New Delhi: The government on Friday said reports on black money estimates are likely to be submitted to the Finance Ministry by three institutes, including National Institute of Public Finance and Policy (NIPFP), by April end.

“The study reports are still in the process of finalisation by the respective institutes. These are likely to be received in the (Finance) Ministry by the end of April, 2013,” Minister of State for Finance SS Palanimanickam said in a written reply to the Lok Sabha on queries about the black money in the country.

[caption id=“attachment_653572” align=“alignleft” width=“380”]  SS Palanimanickam. AFP[/caption]

“After submission of the study reports by the three institutes, the study report would be examined by the government for necessary action,” he added.

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The government has commissioned a study, inter alia, on estimation of unaccounted income and wealth both from inside and outside the country.

Besides NIPFP, the studies are also being conducted by National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM).

Palanimanickam also said that drive against tax evasion is an ongoing process and appropriate action under Direct Taxes laws including levy of penalty and launching of prosecution are taken on detection of cases of tax evasion.

The government has taken various steps under a multi-pronged strategy which includes creating an appropriate legislative framework; setting up institutions to deal with illicit funds; and joining the global crusade against black money.

Legislative measures taken through Finance Act 2012 in this regard include introduction of provisions requiring reporting of assets (including bank accounts) held outside the country; reopening of assessment up to 16 years for taxing undisclosed assets kept outside the country, Palanimanickam said.

India has also become a member of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in 2012, he said.

Various steps have also been taken to improve intelligence gathering mechanism of the Tax Department. These steps have equipped the government better in tackling the menace of tax evasion, he added.

PTI