The Finance Bill, 2007, has proposed tougher measures against tax evasion by tightening penalty provisions.

Under the new penalty system, evaders will have to pay a penalty during search cases at 100-300 per cent of the amount of tax evaded.

This is a significant change as the earlier practice allowed evaders to give a statement during the course of the search in lieu of penalty payments. Now, evaders will no longer be allowed to approach the settlement commission.

What do you think about this move? Will this step curb tax evasion? Do you think the IT officials will enforce it? Will the tax evaders still get away?

What are your suggestions to nail tax evaders? Tell us.