Leading Industrialist Rahul Bajaj has suggested that to tempt black money hoarders to bring their billions of unaccounted money stashed abroad into India, a carrot-and-stick approach should be adopted. The hoarders should be offered an Amensty Scheme as an inducement to bring the money into india and as a threat they should be told that they will otherwise be sent to jail and their money will be confiscated
Leading industrialist Rahul Bajaj suggested at a CII interactive session with Finance Minister Pranab Mukherjee that the government could come out with an `One Time Amnesty Scheme' to tax unaccounted money. Rahul Bajaj hastened to add that he did not like people who cheated on their taxes and he also did not like income tax officers who were corrupt.
On the aspect of tax amnesty, Rahul Bajaj suggested that if the people with black money in foreign countries did not avail of the amnesty scheme, they should be "sent to jail" (if and when convicted) and their black money should be "confiscated" (if and when found).
Rahul Bajaj attacked Pranab Mukherjee on the proposal in the Finance Bill 2012 to nullify the judgement of the Supreme Court in Vodafone International vs. UOI 341 ITR 1 by seeking to retrospectively tax overseas transfers. He said there was a "hue and cry" in the industry about the amendment and no one from the corporate sector supported the move. Rahul Bajaj said the move was being regarded by both domestic and foreign companies as a signal against India. He clarified that though 98 per cent of the industry was unaffected, they were worried that there would be a lack of confidence and an exodus of foreign capital from India.
Leading industrialist Rahul Bajaj suggested at a CII interactive session with Finance Minister Pranab Mukherjee that the government could come out with an `One Time Amnesty Scheme' to tax unaccounted money. Rahul Bajaj hastened to add that he did not like people who cheated on their taxes and he also did not like income tax officers who were corrupt.
On the aspect of tax amnesty, Rahul Bajaj suggested that if the people with black money in foreign countries did not avail of the amnesty scheme, they should be "sent to jail" (if and when convicted) and their black money should be "confiscated" (if and when found).
Rahul Bajaj attacked Pranab Mukherjee on the proposal in the Finance Bill 2012 to nullify the judgement of the Supreme Court in Vodafone International vs. UOI 341 ITR 1 by seeking to retrospectively tax overseas transfers. He said there was a "hue and cry" in the industry about the amendment and no one from the corporate sector supported the move. Rahul Bajaj said the move was being regarded by both domestic and foreign companies as a signal against India. He clarified that though 98 per cent of the industry was unaffected, they were worried that there would be a lack of confidence and an exodus of foreign capital from India.
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