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February 2010

Tax records of politicians under scrutiny

By Raman Jokhakar
Tarunkumar G. Singhal
Chartered Accountants
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Tax records of politicians under scrutiny


The Finance Ministry and the Central Board of Direct Taxes (CBDT)
have initiated a process of verification of the income-tax returns of all MPs
whose records are not available with the income-tax department, and to help them
verify whether they have paid appropriate taxes or not.

The decision has been taken by the Finance Ministry after
they found that many of them have paid partly or no taxes at all; and many of
their PAN details are not available with the department. So, it becomes really
tough for the department to ascertain their actual income. Those who are found
to be purposely involved in tax evasion will invite a heavy penalty and
scrutiny.

(Source: Internet & Media Reports, dated 05.01.2010)

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