NDA Government on Thursday Oct 01,2015 said it received an amount of Rs. 3,770 crore
from 638 declarations under the one-time black money compliance window
that closed on Wednesday Sep 30,2015.
“638 number of declarations have been received under the compliance
window declaring undisclosed foreign assets amounting to Rs. 3770 crore.
These figures are subject to final reconciliation,” the Finance
Ministry said in a statement based on figures provided to it by the
CBDT.
It added that tax at the rate of 30 per cent and penalty at the rate of 30 per cent is to be paid by December 31, 2015.
The window, created under the new anti-Black money Act, saw a hectic
rush on the last day on Wednesday Sep 30,2015 as declarants made a beeline to meet
the deadline at the only I-T office designated here for the task.
“Black Money (Undisclosed Foreign Income and Assets) and Imposition of
Tax Act, 2015 (the Act) has been enacted to deal with the menace of
black money stashed abroad. The Act also provided for a compliance
window for a limited period to persons who have undisclosed foreign
assets which they had not disclosed for the purposes of Income-tax so
far,” the statement added.
The compliance window opened on 1st July, 2015 and was till 30th of September 2015.
It said the officer designated to receive declarations worked till
midnight even as the e-filing portal was also open till midnight to
receive the declarations.
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