New Delhi, Aug 12 (KNN) Industry body ASSOCHAM said the menace of black money must be eradicated and the ordinary business transactions should not become difficult to administer. The chamber said there are situations of exporters' remittances involving a very complicated route with currency issues, customs and drawback.

“It could so happen that for small and medium scale exporters, hiring experts in compliance may not be possible and feasible. That situation should not be allowed to become a taxman's delight,” it said.

The exporting firms need to create infrastructure abroad which require creating assets overseas.

The compliance window in the black money law has created more confusion and fear in the minds of the industry leaders, professionals, trading entrepreneurs, than giving any comfort of stress-free regime that treats the tax-payers with respect, said ASSOCHAM.

It pointed out that based on a wide range of consultations with a cross section of the tax payers, they found there is so much of confusion and in some cases even panic for being on the wrong side of this law by non-compliance which may result from inadvertent steps.

While the Finance Ministry has launched an exercise of educating through interactive sessions, it has not been able to create the kind of comfort level. Besides, “there is a feeling that immediately after the compliance window comes to end after September end, the tax personnel could be on a prowl. This is certainly not giving stress free business environment,” it said.

The chamber also added that a similar situation may arise for the NRIs who own properties both abroad and in their home country.

The rules of the law must be clearly spelling out that honest tax payers and business persons should not be disturbed and not every foreign transaction should be treated with an eye of suspicion for imposing heavy of over 90 per cent with criminal ramifications, it said. (KNN Bureau)