Indian Government finally took a responsive action towards the tax structure and studying in depth situation of the monetary part of taxes which are accrued annually on a meager basis. The tax authorities are giving a humble credit to all those taxpayers who declare their concealed income.
The reward system will be celebrated with issuing certificates which will be signed by CBDT chairman Rani Singh Nair, calling out the name of the taxpayer, permanent account number, and a wishful message upon it as a contribution “towards the building of this great Nation.”
There is a total of three certificates divided into the category of bronze, silver, and gold. Bronze for paying Rs. 1 lakh and Rs. 10 lakh; silver for Rs. 10 lakh to Rs. 50 lakh, and gold for Rs. 50 lakh to Rs. 1 crore. There is also a platinum category which will be awarded when someone pays a tax of above 1 crore.
These unusual actions are being called out to gather maximum black money which can do a certain amount of benefit towards the nation. Till now the government has issued 700,000 notices to the people, commanding them to declare their black money.
The official data shows that only 1 percent of India’s population paid taxes in the year 2012-13 while less than 1 percent of the nation’s population showed up with the income above 1 lakh in the same year. 14 lakh people are calculated for 75 percent of total personal income tax collection.
