FM sets up panel on black money

Facing flak from civil society for not doing enough to deal with the menace of black money, the government on Wednesday announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes.

Facing flak from civil society for not doing enough to deal with the menace of black money, the government on Wednesday announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes.

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The committee, set up by Central Board of Direct Taxes (CBDT) in the finance ministry, will also look into the possibility of putting the list of "chronic defaulters" in public domain.

The announcement comes on a day when social rights activist Anna Hazare is sitting on a day-long fast at Rajghat to protest against the police excesses on followers of yoga guru Ramdev last Saturday.

Hazare has spearheaded the agitation for enacting a Lokpal Bill to tackle corruption at high places.

The Committee, headed by Anita Kapur, director general of Income Tax (Admn), will suggest ways to recover tax demand from assessees who are not traceable.

It will also examine the possibility of engaging outside agencies to locate non-traceable assessees and their undisclosed assets.

Besides, a study has also been instituted to quantify unaccounted income and wealth stashed within and outside the country.