'Concern of pol parties on wealth tax for public consumption'

The hue and cry raised by political parties on the proposed imposition of wealth tax on farmers owning land within 8 kms of urban areas was "just for public consumption," Income Tax Ombudsman Ashok Manchanda said here today.
"It's more political," he told reporters.
The Punjab Congress rushed to the Union Finance Minister while the ruling SAD called for a special session of the Assembly (scheduled for May 3) to deliberate on the issue of wealth tax, he said.
"It's (the action of political parties) is meant for public consumption," he added.
Manchanda said the concept of wealth tax was not new. "It's some 10 to 15 years old."

While not naming the parties, he added that some people after selling their agricultural land, especially at Jalandhar, have failed to deposit the tax on capital gains.

"Wealth tax is generally imposed on urban land, jewellery, cash etc," he also said.
Manchanda admitted that his office needed more teeth to counter "inefficient officials" in the I-T department.
As many as 375 complaints, including around 300 related to refunds, were pending with his office for disposal.
The Centre's proposed decision to impose wealth tax on such farmers has created a political storm in Punjab with both SAD and state Congress opposing the decision.

Yesterday, SAD president Sukhbir Singh Badal had told the members of the party's core committee that each farmer will have to pay wealth tax in the range of Rs 30,000 to Rs 70,00 per acre and the Centre's move could "lead to serious and extremely alarming consequences."
The Punjab Congress leaders led by state party chief Partap Singh Bajwa had met Union Minister P Chidambaram in Delhi over the issue.