Honest taxpayers need not fear black money law: FM Jaitley

Union Finance Minister Arun Jaitley on Monday said that honest taxpayers need not fear the black money law, which was passed by parliament recently, adding that the law would ensure strict punishment to those defying the system.

Addressing the 31st Annual Conference of Principal Chief Commissioners of Income Tax here, the Finance Minister said that the government is expecting a 14 to 15% rise in direct tax revenue collection this fiscal. He praised income tax officials for achieving a nine percent growth in direct tax collections in the previous fiscal.

Jaitley further urged the Income Tax Department to increase the tax base, saying that more tax collection would help in building infrastructure and developing social sector across the country.

Principal Chief Commissioners of Income Tax, Principal Director Generals and senior officials of Income Tax Department attended the conference.

The thrust areas of the conference were non-adversarial tax regime, expeditious settlement of tax payers' grievances and expansion of tax base. The participants also deliberated on matters pertaining to income tax investigations and issues relating to human resource development among others.