Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

If CAs Practice Honestly, Problem Of Corruption Will Be Solved: Minister Piyush Goyal

Hon’ble Piyush Goyal, the Minister of Railways and Coal, has sent the clarion call to all CAs that if they decide to “practice honestly”, then the problem of corruption in the country will be resolved. However, some CAs have taken exception to the allegation that some practice dishonestly.

Tax fraud is facilitated by CAs

Hon’ble Piyush Goyal is a distinguished Chartered Accountant himself.

He is an all-India second rank holder.

He is also the second rank holder in Law from the Mumbai University.

The Learned Minister was addressing a distinguished gathering of CAs and students at the ICAI Annual Function.

He was very blunt in his criticism of Chartered Accountants.

He lamented that CAs are facilitating all sorts of “Tax Chori” by unscrupulous taxpayers.

He pointed out that during the demonetisation drive, the CA community had devised strategies to circumvent the legal requirements.

They are also instrumental in setting up numerous shell companies and falsely certifying their accounts as being true and fair, he said.

He alleged that even under the present GST regime, the CAs have devised devious strategies to help their clients escape the tax dragnet.

“If all chartered accountants come together and decide that they will only practice honesty, then the problem of corruption in the country will be resolved,” the learned Minister said.

He also reminded the CAs that the taxes paid by citizens are used by the Government to provide security and basic facilities to the Nation and that it is unethical that they facilitate any sort of tax evasion by their clients.

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