Budget 2016: Finance Minister Arun Jaitley on Wednesday said compliance window for domestic black money holders to come clean is no amnesty. He said disclosures will be charged at 45 percent as against the normal rate of 30 percent.
The Finance Minister, who was speaking at a function here, said for incomes which have escaped assessment, 50 percent more than normal tax will have to be paid at current values.
The compliance window is proposed to be open from June 1 to September 30. The payment can be made within two months of the declaration. A total of Rs. 4,147 crore of undisclosed wealth was declared during the 90-day foreign black money compliance window that ended on September 30 last year.
The government got a net tax of Rs. 2,500 crore from the declarations.