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Black money crackdown: From 7 year jail term to 90 pct in tax/penalty; top 5 points to know

Thu March 17 2016, 7:22 pm
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    Budget 2016: In a stern warning to black money holders, the government has said those caught with illicit wealth within the country would face dire consequences - the window was announced by Finance Minister Arun Jaitley in Budget 2016-17. The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration. Here is what the black money window will entail: (PTI)

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    1. Those holding illicit wealth will have to cough up 90 per cent in tax and penalty and also face up to 7 years in jail if they fail to declare it during the 4-month compliance window. The 4-month window will begin on June 1 and provides an opportunity to avoid prosecution with payment of 30 per cent tax and 15 per cent penalty. (PTI)

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    2. After the end of the window, the penalty will increase to 60 per cent while 30 per cent tax will also have to be paid – thus doubling the total payout to 90 per cent from 45 per cent. (PTI)

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    3. Revenue Secretary Hasmukh Adhia told PTI in an interview that the government's crackdown has led to over Rs 20,000 crore of domestic black money being unearthed in the last two years. (PTI)

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    4. "If you do not declare (under the compliance window) and you are caught, then you will be charged 200 per cent penalty (on base tax rate of 30 per cent). Which means it becomes 90 per cent (30 per cent tax plus 60 per cent penalty) and be prosecuted under the Income Tax Act," Adhia added. (PTI)

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    5. "If we know your undisclosed income by any means, somebody has already informed us about it, and we have made a raid, in response to that information, we have given you an assessment notice, then also they cannot make disclosure under the compliance window," Adhia clarified. (PTI)

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