India to set up new agency to trace black money: Pranab

Tuesday May 24, 2011 06:59:07 PM, IANS

New Delhi: India will soon set up a directorate of criminal investigation in its income tax department to deal with issues related to tax crimes and trace black money, Finance Minister Pranab Mukherjee said Tuesday.

"The directorate will deal with tax crimes related to illegal activities. It will locate crimes or criminals by tracing the movement of money before, during and after a crime is committed," Mukherjee said while addressing the top executives of the income tax department here.

He said the new directorate would also strengthen the ongoing efforts of the income tax department in dealing with issues of black money.

Addressing the 27th annual conference of chief commissioners and director generals of the income tax department, Mukherjee said the government has already given its approval for the new agency. The directorate of criminal investigation will be a part of the income tax department.

The finance minister also emphasised the need for "zero tolerance on corruption" in the income tax department.

Mukherjee said he was confident of implementing the Direct Tax Code Bill from April 1, 2012. The bill is currently under discussion at the Parliament Standing Committee.

He asked the income tax department to get ready for transition from the Income Tax Act, 1961, to the Direct Tax Code Bill regime.

"It would include various issues like redrawing of business processes, rules, forms, training needs of manpower and the necessary infrastructure. This task should be completed in a mission mode to avoid any inconvenience to tax-payers and also to maintain continuity in revenue buoyancy," the finance minister said.

He said the income tax collection during the current fiscal was likely to increase 20 percent to Rs.5.33 lakh crore.

The ratio of direct tax collection to gross domestic product (GDP) is likely to increase to 7.62 percent by 2014-15 from the current fiscal's 5.66 percent, the minister said, adding that the direct tax revenue collection was likely to reach Rs.8.3 lakh crore by 2014-15.

                                           Home | Top of the Page

Top Stories

Opposition building against the proposed Waqf Development Authority

A day after Jamiat Ulama-i-Hind president Maulana Arshad Madani asked the Government to abandon  »

‘Govt, Corporate Houses encroached over Waqf lands’

'Govt should assure Muslims of protecting Waqf land'

Waqf Misuse, most systematically managed daylight robbery in India

  Most Read

Cradle in every village - to save the girl child

If someone casts her away, there will be others to cradle her. By October this year, cradles will be set up in 110 locations in 80 villages  »

Even rich, educated abort second girl child, shows study

NIA team in Malegaon to probe 2006 serial blast

A National Investigation Agency (NIA) team arrived in Malegaon today and began its investigation into the 2006 serial blast. The four member team, which is led by Akhilesh Yadav, visited the Hamidia Masjid Qabristan at around 11:00 in the morning. According to Maulana Ab Bari Qasmi  »

  News Pick

Modi tried to undermine court proceeding, top cop tells panel

Gujarat's senior police officer Sanjeev Bhatt Monday told the Nanavati-Mehta Commission probing the 2002 riots cases that Chief  »

Is even one of our institutions world class, asks Sibal

Environment Minister Jairam Ramesh's statement that the IITs and IIMs did not have world class faculty was backed Tuesday by his colleague  »

IIT, IIM faculty is not world-class, says Jairam Ramesh

Israeli wants to name himself after 10 British kings

Israel's Population and Immigration Authority has received an odd request from a man who asked to change his name to those of 10 British kings who he admired. The names chosen by the unnamed man are - Henry, William, Phillip  »

Committee of concerned citizens for justice in Gujarat and defence of activists

Over 200 concerned citizens from all over the country and abroad on May 23 came forward here in Mumbai to form a committee for Justice in Gujarat and to defend what they called as the  »

Delhi's Urdu-medium schools shine in CBSE exams despite hurdles

Hampered by non-availability of textbooks in the  »

CBSE results: Delhi central schools outshine private schools

Picture of the Day

Prime Minister Dr. Manmohan Singh and President of Uzbekistan Islam Karimov witnessing the signing of agreements between two countries, in New Delhi on May 18, 2011.

(Photo: BM Meena)