Financial Daily from THE HINDU group of publications
Thursday, Nov 03, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 03, 2005 |
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Opinion
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Letters Checking tax evasion
The refers to the Finance Ministry decision to use the database on financial transactions to search out tax-evaders. Since currency is the oxygen for black-money, the most effective way of tackling tax-evasion is to transform currency-circulation into banking transactions. All sale-purchase exceeding, say, Rs 20,000 must be made through banks. On cash payments, a currency tax at 30 per cent may be imposed. Drafts/pay-orders/traveller cheques must carry names and address/account numbers of purchasers with reduced validity period of say 45 days to check their misuse as benami drafts for carriers of black-money. Payments to utilities for water, telephone, electricity and municipal taxes exceeding Rs 1000 must by cheques/drafts only. Use of credit/debit-cards must not be discouraged by imposing special tax on purchases made through them. Subhash C. Agrawal Delhi
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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