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No extension of VDIS, says revenue secretary

Union Revenue Secretary N K Singh today ruled out extension of the Voluntary Disclosure of Incomes Scheme, saying that the expectation of the scheme has been met by the government.

In an interactive session with the members of the business community at the Indian Merchant's Chamber in Bombay, he said that the minimum objectives set by the government has been met and there are no chances of being extended after December 31, 1997.

Describing the scheme as a "friendly scheme" by the finance ministry, he called upon the businessmen and industrialists "to gallop rather than canter to grab the golden opportunity."

Singh also met the three chief commissioners of Income Tax Department based in Bombay and Reserve Bank of India Governor Bimal Jalan to review the VDIS and the direct tax collection for the city.

He told the IMC gathering that the Income Tax Department has got an overwhelming response to the VDIS and urged the business community to avail of the scheme in its last 12 days.

When the members of the business community pointed out that they are being harassed by the income tax sleuths while submitting the form and the delays thereto, Singh, in a serious note, instructed the top officials present to initiate action or transfer those who are spoiling the purpose.

Pointing out that the Union government is committed to the scheme, he said that an administrative inquiry will be initiated against any income tax officer found guilty or committing breach of trust. Moreover, he said that the names of the assessee or his details of income will not be disclosed and if this does happen, the officer concerned may also be prosecuted under the Official Secrets Act.

Talking about the harassment, Singh said that if the assessees are harassed by officials, then the purpose of the scheme is spoilt and instructed the department to take a serious note of such happenings.

On being pointed out some clauses and subclauses that needs to be modified, he said that only few days are left and no modification in the rules will be made in this regard. About delays he said that the Income Tax officials should not ask for unnecessary details or valuations.

Talking about the declaration of silver or silver utensils, he said that the regional income tax commissioners have set their limits. This limit, which is generally not disclosed, is differs in each region. People in the eastern part of the country have a tendency to procure more silver, he pointed out.

Singh stated that the scheme is not about declaration and money alone, but is a scheme of partnership of trust. He added that the people should come forward in the last few days for availing of the scheme as and doubted if there would be a better scheme in foreseeable future.

EARLIER INTERVIEWS:
N K Singh: Southern collection better than western
M V Muthuramalingam, chief commissioner, income tax, Bombay

EARLIER REPORT: Delhi HC admits plea against VDIS proposal

UNI