March 3, 2013 5:07 PM

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Finance Minister rules out any amnesty scheme for tax defaulters

Finance Minister P. Chidambaram has ruled out any amnesty scheme for tax defaulters and warned that a huge amount of data is being mined to go after them. In an interview to PTI today Mr. Chidambaram said that in income tax there is no case for amnesty. He pointed out that no tax burden had been imposed in the budget on any category of people other than a small burden of 10 per cent surcharge on relatively affluent 42,800 people with annual incomes of over one crore rupees . Dispelling apprehensions that the tax could continue beyond one year, the Minister said, surcharges have been imposed in the past and they have been removed. He gave the instances of removal of banking cash transaction tax and fringe benefit tax which were removed in subsequently budgets a few years ago.

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