Arun Jaitley: Notable people hiding taxable income

Union finance minister Arun Jaitley on Tuesday informed Parliament that many prominent people are being probed for allegedly concealing taxable income as agricultural earnings, after Opposition raised concern over black money being masqueraded as agriculture earnings, which is non-taxable.

Raising the issue in Rajya Sabha, JD(U) Sharad Yadav sought an explanation from the government on the issue to which Mr Jaitley said many prominent people are being probed and told the Opposition not to term it as “political victimisation” if their names come out.

To this, Congress’s Digvijay Singh charged Mr Jaitley with misleading the House and dared him to reveal the names and “not threaten us.”

Other members, including from Left parties, also asked names to be revealed. Mr Jaitley also clarified that there are no plan to tax agriculture earnings.

Earlier, Mr Yadav said reports suggested that '2,000 lakh crore of income has been concealed as agriculture earnings and sought an explanation from the government on the issue. BSP’s Mayawati demanded a high-level probe into generation of blackmoney 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.

Samajwadi Party’s Ram Gopal Yadav said there seems to be conspiracy of taxing agriculture income in reports that huge blackmoney was being hidden as agricultural income. He warned the government against taxing farm income.

Unsatisfied by Mr Jaitley’s reply, members were up on their feet continuing to raise the matter. Deputy chairman P.J. Kurien said Mr 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. The finance minister has given a proper reply. If you want further discussion, give notice. That notice will be considered,” he said.