PM: Disclose hidden wealth by Sept 30 or be ready to face action

Tribune News Service

New Delhi, June 26

Prime Minister Narendra Modi today warned people with undisclosed incomes to come clean by paying taxes and penalties by September 30 or they would be liable to face action.

In his radio address ‘Mann ki Baat’ this morning, the PM issued a clear direction that September 30 was the last date of the scheme announced by the income tax department. “I have already told BJP MPs (who are possibly expected to spread the word) that any citizen who does not want to come under the ambit of tax laws will not be helped in any manner after September 30,” he said.

Modi questioned the contradictions of the country’s wealth and its tax payers. “How is it possible that out of a population of 125 crore only 1.5 lakh have an income of more than Rs50 lakh? We see people with houses worth Rs1-2 crore but their declared income will be lesser. This needs to be changed before September 30,” he said, adding: “Treat this as the last chance.” If a declaration is made before the deadline, the government would not enquire about the source of funds, Modi said.

The declaration can be filed online or in print form to the jurisdictional Commissioner of Income Tax. The scheme promises immunity by exempting declared assets from Wealth Tax, scrutiny/enquiry and prosecution under Income Tax Act/Wealth Tax Act, and immunity from the Benami Transactions (Prohibition) Act, 1988.

Modi went on to dwell on the Emergency imposed in the country on June 25, 1975, terming it a “dark night” for democracy when leaders and common people were put behind bars. He said: “Our democracy is our biggest strength and people’s participation will take the country forward.” This comes just a day after Delhi CM Arvind Kejriwal accused Modi of imposing an ‘Emergency’ in Delhi. The BJP has been targeting the Congress on Emergency. Today, 49 union ministers are campaigning to remind against Emergency across the nation.