Accounting assets

Hidden wealth*
Apropos “FM: Black money info will not be shared with other agencies” (Business Standard, June 29), one is tempted to suggest that a reverse assurance that there will not be punitive measures from other enforcement agencies based on the information furnished under Income Declaration Scheme(IDS) 2016 would have given more comfort. This is because there could be legal hurdles in preventing sharing of information, in certain situations.
IDS is about black money. There has to be a conscious effort to plough back into the mainstream the concealed assets hoarded in various pockets. They lie idle in the form of land, buildings, hard cash, gold and jewellery and other various forms of moveable and immoveable assets with individuals and organisations. Unless these assets are also mapped and their appreciation/depreciation watched on an annual basis, assessment of income based on potential taxpayers’ declarations will be an incomplete exercise. An audit of such assets under supervision of organisations of repute and professional integrity like CAG and RBI may help in bringing transparency in arriving at the net-worth of country’s domestic resources.

M G Warrier, Mumbai

*A slightly different version was published under 'Letters' in the Hindu Business Line, June 30, 2016

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