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  1. Govt collects Rs 3,770 crore from over 600 stash holders

Govt collects Rs 3,770 crore from over 600 stash holders

Government today said it received an amount of Rs 3,770 crore from 638 declarations under the one-time black money compliance window that closed yesterday.

By: | New Delhi | Updated: October 1, 2015 11:35 AM
black money

Government today said it received an amount of Rs 3,770 crore from 638 declarations under the one-time black money compliance window that closed yesterday. (Thinkstock)

Government today said it received an amount of Rs 3,770 crore from 638 declarations under the one-time black money compliance window that closed yesterday.

“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 yesterday 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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Tags: Black Money
  1. Virendra Sason
    Oct 1, 2015 at 12:06 pm
    Govt strictness on illegal mining & Real state Market can generate more than several lakh crores. Govt knows but fails, reasons known to them...... Black money is generated by illegal mining (With out paying Royalty) & dumped into Real state Market.
    Reply
    1. Krishnan Chundharan Krishnan
      Oct 1, 2015 at 9:12 pm
      Congratulations for all related to black money revealed and those who collected. Rs.3770 crores only, so far so good. Public need not want to know the declarants of cash stashed abroad. Now ,cash collected by way of tax and penalty will be white and can be used for creative purposes.
      Reply
      1. M
        Madhu
        Oct 1, 2015 at 4:42 pm
        This is a measly US $ 600 million. We were given to understand there was at least 1000 times more black money in Swiss banks and we will get 15 lakhs credited into our account. Now 4000 crores / 120 crores (potion) is hardly Rs.33 per head instead of the promised Rs.15 lakhs. All the planning is now going to go haywire, as based on that a new car at Rs.4 lakhs and a housing site at Rs.11 lakhs have been purchased !
        Reply
        1. T
          t p
          Oct 1, 2015 at 1:50 pm
          good idea
          Reply
          1. T
            t p
            Oct 1, 2015 at 1:49 pm
            very good . now some relaxation to the ried tax payer be provided by reducing the tax rate.
            Reply
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