Prof. J.D. Agarwal, Chairman, Indian Institute of Finance has welcomed the Finance Minister’s announcement for a multi-pronged strategy to unearth blackmoney by targeting those people who evade taxes but live luxurious life and also by asking the taxmen to pursue vigorously arrears due from the Indian corporates business houses. Prof. Agarwal feels that the policy announced by the Finance Minister in the budget and his recent announcements of targeting the tax evaders and tax avoiders if implemented properly would be very beneficial for the country.

However, Prof. Agarwal urged that an appropriate accountability on the part of the tax officials is as important as the payment of tax honestly by the taxpayers. He hoped that Finance Minister will take necessary steps to ensure that the honest tax payers are not panelized and harassed and dishonest do not get rewarded by developing nexus with a few corrupt tax officials. A few corrupt income tax officers bring bad name to the department of the revenue said Prof. Agarwal.