Modi’s clear warning signals to Indian Tax Evaders and Black Money Holders

Warning: 1 

Latest figures from the Swiss banks show the impact of our efforts to bring back black money from abroad. Since 1987, they have been disclosing this, but last year, Indians’ money in Swiss banks saw a 45% decline as against a 42% increase registered in 2013! Such account holders will have more problems in two years’ time, when Swiss authorities start sharing the data on such accounts’ transactions on a real time basis.


Warning: 2


Time has come to crack down on those earning high incomes, but not paying taxes. There are many luxury houses in big cities, the existence of 8 lac doctors, nearly 8 lac accountants, over 2 crore engineers and business school graduates and 2.18 crore Indians going overseas on holiday just last year – Despite this, we have just 32 lacs people in a country of 125 crore declaring an income over £ 10 lac in their income tax returns. This is the bitter truth. Mostly salaried call people in government or private companies pay income tax.
For this awful phenomenon, the accountant fraternity should take the blame. Wrong advices given by them were responsible for these. Failures on the part of the Institute of Chartered Accountants of India to punish are quite revealing. During the last 11 years, only 25 CAs have been acted upon and over 1400 cases are pending for several years. It takes years for a single decision. Is not this a source of worry for such highly qualified professionals?











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