Prime Minister Narendra Modi
Warning of tough action on companies evading tax, Prime Minister Narendra Modi yesterday said over 37,000 such shell firms have already been detected and registrations of more than 1 lakh others have been cancelled.
Modi said his government is committed to taking even tougher action against those helping to hide black money.
"Government has cancelled registration of over 1 lakh companies in a single stroke; over 37,000 have been identified for strong action," he said.
Addressing CAs on the Institute of Chartered Accountants in India's foundation day, Modi also said CAs should take a pledge to bring people in the tax bracket rather than boasting about the clients they have saved from paying taxes.
Modi said CAs need to safeguard society's economic health. "Your signature is more powerful than that of the Prime Minister," he said.
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