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Wednesday, July 7, 1999
AIFTP moots Patriotic Bonds
ENS ECONOMIC BUREAU
MUMBAI, JULY 6: Tax practitioners under the aegis of the All India Federation of Tax Practitioners have mooted the idea of floating India Patriotic Bonds to tap black money in the country. The Federation is emboldened by the response the government gave to its idea of reducing tax litigation, which materialised in the form of the Kar Vivad Samadhan Scheme last year. The suggestion for the bonds scheme has been made in the background of the Kargil conflict.The bonds scheme proposes that those who disclose their source of investment (read honest tax payer) in the bonds should be allowed to buy the bonds at a 30 per cent discount. The bonds must be kept out of attachment provisions under various laws, the lawyers have suggested. The Income tax department should not demand the source of the investor. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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