In order to dissolve the striking economic disparity in our society, the introduction of voluntary disclosure scheme has come across as a revolutionary move to bring out the unreported income in the market. There is no doubt that the situation in India in terms of the indices of corruption has become worse over the years. VDIS is basically the immunity granted pursuant to acceptance of a declaration made under the voluntary taxation scheme.
Foreign ministers announcing voluntary disclosure schemes that taxation expert committees felt had only helped to legitimize money-laundering. The unaccounted money also feeds India’s rampant corruption machine, including election campaigns. Black-money laundering in India is a constantly evolving art, with a recent development being investing hidden funds in paintings.
There are various sources through which Black Money is generated like Evasion of taxation in various forms such as personal income and corporate tax, real estate transaction, Exciseduty evasion, Customs duty evasion(import), Evasion of sales tax, smuggling, from exports, from public expenditure, from private corporate investors, film industry, Professional income, Construction(both private and public), selling of licenses and permits, gambling, bribes, high level corruption, financial transaction, hawala, prizing, coaching classes, Swiss bank.
There are many reasons as to why black money is generated. The list is endless such as high rates of taxation, corruption business practice, stringent controls and regulations in income tax proceedings, political corruption,
Going forward, VDIS will continuously aim at increasing the number of people paying taxes. The plans will be to catch people spending on luxury items and people who can afford foreign travel.
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