Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 ITR Filing: 6 Ways to Get Exemption on Income Tax
 Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25
 Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?
 Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?
 BackBack Income Tax Act amendment on cards on tax treatment of MSME dues
 ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here
 Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime
 How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)
 Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
 What Are 5 Heads Of Income Tax?
 Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals

ICAI suggest ways to FinMin to deal with black money
July, 08th 2011

As the heat turns on the government on the issue of black money, the Institute of Chartered Accountants of India (ICAI) on Thursday said it would suggest to the finance ministry ways to track and control illicit money.

A committee, consisting of nine members of ICAIs central council and headed by its president, G Ramaswamy, met on Thursday to discuss the matter. The committee has been constituted to identify areas where black money generation is going on, identify how to reduce it and suggest amendments to the existing laws, wherever required, Ramaswamy said.

He said ICAI had also been asked to see if black money stock could be treated as a national asset and what stringent measures could be put in place to curb this illegal activity.

After we have a broad framework, we will invite comments from experts. The final phase will be to get feedback from all our members. We hope to complete it by July 31, Ramaswamy said.

The committee will give its recommendations to a panel set up by the Central Board of Direct Taxes (CBDT) under the finance ministry. The CBDT panel is looking into the issue of curbing black money, including any legislative changes required.

The panel includes its own experts and representatives from the enforcement directorate, directorate of revenue intelligence, currency unit and financial intelligence.

The final report, to be given to finance minister Pranab Mukherjee, is expected to be ready by December. Snubbing the government earlier this week, the Supreme Court had appointed a special investigation team, comprising two of its retired judges, to track black money stashed in foreign banks. There are no reliable estimates of black money generated by Indians within and outside the country.

However, a report by the US-based Global Financial Integrity says at least $550 billion (Rs 22.5 lakh crore) of illicit money has gone out of India since Independence.

The finance ministry has entrusted the task of estimating black money, both in India and outside, to three think tanks National Council of Applied Economic Research, National Institute of Public Finance and Policy, and National Institute of Financial Management.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting