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Post compliance window, govt to come hard on black money holders

india Updated: Oct 01, 2015 18:43 IST
Black money

Once the compliance window closes, anyone found having undeclared overseas wealth would be required to pay 30% tax, 90% penalty and face criminal prosecution.(File Photo)

Government would initiate “action” against those who have not disclosed their black money and assets stashed abroad as the one-time compliance window under the newly enacted anti-Black Money law ended on Wednesday.

A total of 638 people used the window, declaring an amount of Rs 3,770 crore.

“Whatever has come, we accept it and now onwards we would start the action against those people who have not declared any asset and about whom the information would come to us,” revenue secretary Hasmukh Adhia told reporters in the Capital. He said the window was the only opportunity for people to come clean in this regard and the government had no particular figure of money in mind that would come out after this 90-day exercise that finished on Wednesday.

“In order to give them an opportunity, this compliance window was there upto September 30 and the figures we have got so far are that 638 people have announced their foreign investment or foreign assets including bank account balances and the total amount coming to Rs 3,770 crore. So, it was only an opportunity given by us and we had no particular figure in mind,” he said.

The Finance Ministry had added that these figures, as of now, are “subject to final reconciliation.”

A tax at the rate of 30% and a separate penalty at the rate of 30% has to be paid by December 31, 2015 by these declarants after verification by the tax department.

The compliance window opened on July 1, 2015 and declarations were made in it by physical submission of a statement or through e-filing.

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