Black money drive brings Rs 3,770 crore to govt’s kitty
The 90-day black money compliance window for declaring undisclosed assets held abroad has yielded Rs 3,770 crore from 638 declarations, the government said Thursday.india Updated: Oct 01, 2015 12:29 IST
The 90-day black money compliance window for declaring undisclosed assets held abroad has yielded Rs 3,770 crore from 638 declarations, the government said Thursday.
“These figures are subject to final reconciliation,” the finance ministry said in a statement based on figures provided by the central board of direct taxes (CBDT).
The declarants will have to pay tax at the rate of 30% and penalty at the rate of 30% by December 31. The compliance window opened on July 1 and was on till September 30.
The window, created under the new anti-black money act, saw a hectic rush on the last day as declarants rushed to meet the deadline at designated I-T offices.
“The officer designated to receive the declarations worked till midnight on 30th September. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter,” the statement said, indicating there would be no extension of the deadline.
Hindustan Times had earlier reported that till September 23, not more than 30 entities reported their foreign investments totalling about Rs 2,500 crore.
The amounts declared cannot be said to be substantial by any standards. In comparison, a tax amnesty scheme called the Voluntary Disclosure of Income Scheme(VDIS)held in 1997 had fetched over Rs 10,000 crore.
Tough action awaits those who did not avail the three-month-long ‘compliance window’ to declare assets held on foreign shores. The penalties include a hefty 120% of the tax amount due besides a jail term of up to 10 years for holding undisclosed foreign assets.
The CBDT has already warned that those who did not declare their illegal foreign assets by September 31 will face “all consequences under the law”.