Black money generally refers to monies on which tax has not been paid. Tax evasion is a crime, and can be punished under various laws. The trend of evading payment of taxes has lately grown and spread among sections of affluent class of society. Evasion of taxes means handicapping the Government in carrying forward developmental plans effectively and efficiently. For quite some times, reports of vast black money have been coming in, and the Government was under pressure to make public its details. Three professional organizations entrusted with the task of collecting information on black money will be submitting their report to the Union Finance Ministry next month. This is the right step taken by the Finance Ministry. Why should the tax evaders be given immunity against public resentment when they intentionally indulge in an anti-social activity? The names of big fish and the amounts they have concealed from tax collector’s notice should be made public. They are surviving on the expense of ordinary tax payer. Once the report is received, it will be easier for the Finance Ministry to take proper action against them. Along with it, the Government should also devise methodology to recover the amount of tax and fines from the defaulters with lightening speed. If fresh rules are required to be framed for speedy recovery, these should be framed immediately and the defaulters have to be given no quarter whatsoever.
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