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FM Arun Jaitley’s black money ‘window’ in Budget 2016: All you want to know in 5 points

Wed March 02 2016, 1:33 pm
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    FM Arun Jaitley took upon himself the task of explaining what the black money compliance window in Budget 2016 really is all about to ensure no misunderstandings hit the PM Narendra Modi government as it tries to chase down those who are holding illegal money in India – a crucial promise by the Bharatiya Janta Party (BJP) at the time of the last election. (PTI)

  • Black money

    In 2007 Gujarat state elections, Surani campaigned for Gujarat Parivartan Party headed by Patel and later joined the Congress. (PTI)

  • Budget 2016, Budget 2016 highlights, Budget 2016 deatils, union Budget 2016, black money, Budget 2016 black money, arun jaitley, arun jaitley Budget 2016, arun jaitley black money

    2. Arun Jaitley's Budget 2016: Finance Minister in Parliament said he wanted to give an opportunity to earlier non-compliant people to move to the category of compliant as he proposed a limited period compliance window for domestic tax payers to declare undisclosed income represented in any form of assets. (PTI)

  • Budget 2016, Budget 2016 highlights, Budget 2016 deatils, union Budget 2016, black money, Budget 2016 black money, arun jaitley, arun jaitley Budget 2016, arun jaitley black money

    3. Arun Jaitley's Budget 2016: One can clear up past transgression by paying tax at 30 per cent, a surcharge at 7.5 per cent, a penalty at 7.5 per cent which is total of 45 per cent of undisclosed income. Elaborating on the proposal, Arun Jaitley said: "Inequality arises in amnesty, where under certain exemptions, you as a honest tax payer has paid 30 per cent and I come and join after 20 years and say that I would also pay 30 per cent". (PTI)

  • Budget 2016, Budget 2016 highlights, Budget 2016 deatils, union Budget 2016, black money, Budget 2016 black money, arun jaitley, arun jaitley Budget 2016, arun jaitley black money

    4. Arun Jaitley's Budget 2016: Amnesty, he said, is that 1996 VDIS and the present scheme is not structured that way. "This is not structured that way. You pay 30 per cent tax and 7.5 per cent and another 7.5 per cent, which is 45 per cent, ending up paying one and a half times more. (PTI)

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    3. Aadhaar Bill: Rejecting Congress criticism for making it a money bill, Jaitley said the legislation was "distinctly different" from the one tabled by the UPA and "the earlier we implement it, it will be better." Citing differences between the earlier Bill tabled by UPA and the latest one, the Finance Minister said the earlier measure provided for establishment of an Authority and gave idea of unique identity but failed to define its purpose. "Learning from that experience, we have improved upon the idea and the focus of the Bill is shifted," he said.

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