Direct tax immunity scheme likely in Budget as govt looks for funds

Proposal will allow assessees to revise declared income without fear of past cases being opened up, or prosecution

The government, which is hard-pressed for revenue, may come up with an immunity scheme for direct taxes in the upcoming Budget, which will allow assessees to declare the additional income of the previous five-six years without penalty or prosecution. 

The proposal, being examined, will allow assessees to revise declared income with no fear of past cases being opened up, or prosecution. It will help improve compliance, besides raking in revenues for the government. 

The government projects earning at least Rs 50,000 crore in the first year of implementation itself. It was recommended by the direct tax taskforce, led by former