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FM Arun Jaitley unveiled a black money scheme, the first near amnesty like scheme since 1997, which offered domestic holders of undisclosed income and assets a one-time compliance opportunity to escape prosecution. "Our government is fully committed to remove black money from the economy," Jaitley said and added, "Having given one opportunity for evaded income to be declared once, we would then like to focus all our resources for bringing people with black money to books." Check out here what this black money scheme is all about: (AP)
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1. Black money scheme: Refusing to call the compliance window an amnesty scheme, Finance Minister Arun Jaitley said it is a 4-month window beginning June 1 for holders of unaccounted wealth to come clean by paying 30 per cent tax plus a penalty of 7.5 per cent and a similar percentage of surcharge. "There is monumental income tax law changes which I have made… Its not a VDIS (Voluntary Disclosure of Income Scheme) and it is not an amnesty," Jaitley later said. (AP)
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While official figures regarding the quantum of black money flowing into real estate sector are not available, experts suggest that more than 30 per cent of India's real estate sector is funded by black money. (AP)
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Nation's largest fuel retailer Indian Oil almost doubled the advance tax payment at Rs 1,000 crore for the March quarter, up from the Rs 514 crore in the year-ago period, the sources said. (AP)
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One of the most intriguing replies came from the State Bank of India (SBI), the largest bank in the country, which said that the approval is granted “as per the discretionary power of respective committee”. (AP)
5. Black money scheme: "So you are paying penalties for not paying tax on time. This is intending to bring some money from outside the system to into the system," Arun Jaitley said. However, the limited compliance window for tax evaders announced does not mention if the immunity will extend to other laws such as VAT, sales tax, customs, excise and Companies Act, he said. (AP)
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