Thursday 14 / November / 2024
New Delhi: Many prominent people are being probed for allegedly concealing taxable income as agricultural earnings, Finance Minister Arun Jaitley said on Tuesday and told the Opposition not to term it as political victimisation if their names come out.
After Opposition Janata Dal-United, Samajwadi Party and Bahujan Samaj Party raised the issue of reports of huge amount of black money being masqueraded as agriculture income to avoid paying taxes, Jaitley said if someone misuses the provisions of income tax act, they are probed by the Income Tax Department.
"Many prominent people" are said to be involved and are being probed, he said."Please don't say it is political victimisation if names come out after that (probe)."
He however refused to share details, despite the Opposition members seeking the names of such persons.
Agricultural income is exempt from income tax.
Charging Jaitley with misleading the House, Digvijaya Singh (Congress) asked the finance minister to reveal the names and "not threaten us."
Jaitley said there was no proposal before the government to levy income tax on farm income in view of the agricultural situation in the country.
Earlier raising the issue, Sharad Yadav (JD-U) said reports suggested that Rs2,000 lakh crore of income has been concealed as agriculture earnings and sought an explanation from the government on the issue.
Mayawati (BSP) demanded a high-level probe into generation of black money in the name of agriculture and strict action be taken against guilty.
She also used the occasion to slip in a demand for Bharat Ratna for her party founder Kanshi Ram on his birth anniversary on Tuesday.
Ram Gopal Yadav (SP) saw a conspiracy of taxing agriculture income in reports that huge black money was being hidden as agricultural income.
He warned the government against taxing farm income. Unsatisfied by Jaitley's reply, members were up on their feet continuing to raise the matter.
Deputy Chairman P. J. Kurien said Yadav's notice under rule 267 seeking suspension of business to take up the issue, has not been accepted.
"An important matter was raised by Sharad Yadav. Finance minister has given a proper reply. If you want further discussion, give notice. That notice will be considered," he said.
Metro cities like Delhi, Mumbai, Kolkata and Bengaluru have the maximum 'crorepati' entities who have declared agricultural income of over Rs10 million in the last nine assessment years with the Income Tax department.
The department is conducting a tax evasion probe in a select number of such cases after the taxman was directed in this regard recently.
As per official data in this regard, accessed by PTI, between Assessment Years (AYs) 2007-08 to 2015-16, a total of 321 assesses declared agricultural wealth over Rs10 million in Bengaluru region followed by Delhi (275), Kolkata (239), Mumbai (212), Pune (192), Chennai (181), Hyderabad (162), Thiruvananthapuram (157)and Kochi (109).The move came in view of a PIL filed in the Patna High Court where concerns have been raised that some of these declarants could be engaged in routing their un-accounted or illegal funds in the "garb" of farm income thereby leading to instances of money laundering.
