News

PAN details to be made mandatory for cash transaction : Arun Jaitley

by IBNS 05 Oct 2015, 07:35 am

New Delhi, Oct 5 (IBNS) In a bid to check generation of black money, the Centre is an advanced stage of making mandatory to provide PAN card details for cash transaction beyond a certain limit, Finance Minister Arun Jaitley said on Monday.

Jatiley, in a Facebook post, said  the monitoring regime of the income tax department has been strengthened and its capacity to access information and apply technology driven analytical tools to expose evasion has been enhanced.

"The Government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken...No society can indefinitely sustain a system where income earners consider tax evasion to be a way of life. Regrettably our high taxation regime in the past eventually ended up encouraging tax evasion," he said.

 "The government is committed to make tax rates reasonable and create deterrence to use of unaccounted money.," Jaitley said.

To  make India a more investment friendly destination, the government in the 2015 Budget had  announced that the rate of corporate tax would be brought down to 25 per cent  over the next four years and most exemptions, other than those which incentivise savings, would eventually be phased out.
 
Jaitley said the Government has formulated a conscious strategy to deal with the menace of black mone and a peak balance  of about 6,500 crore rupees in list of accounts in LGT Bank, Liechtenstein and HSBC, Geneva has been assessed.