1. Govt mops up Rs 2,428 cr under black money scheme

Govt mops up Rs 2,428 cr under black money scheme

The government on Wednesday said it has mopped up Rs 2,428 crore from 644 taxpayers who have opted for the one-time black money compliance window under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

By: | Published: January 7, 2016 1:03 AM

The government on Wednesday said it has mopped up Rs 2,428 crore from 644 taxpayers who have opted for the one-time black money compliance window under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This law was enforced on July 1, 2015.

“The declarants were liable to pay tax at the rate of 30% and a like amount of 30% by way of penalty on the value of assets declared, by December 31, 2015. The amount received by way tax and penalty up to December 31, 2015 is R2,428.4 crore,” it said in a statement.

The government said 644 declarations, amounting to R4,164 crore, were made under the compliance window provided in the Act.

“The shortfall is primarily on account of certain declarations, in respect of which there was prior information under the provisions of Double Taxation Avoidance Agreements/Tax Information Exchange Agreements or receipt of payment after Dec 31, 2015,” the statement said.

fe Bureau

Tags: Black Money
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