Rs 3,770 cr amount enters government coffers through black money declaration window
The government on Thursday said it received an amount of Rs 3,770 crore from 638 declarations under the one-time black money compliance window that closed on Wednesday.
New Delhi: The government on Thursday said it received an amount of Rs 3,770 crore from 638 declarations under the one-time black money compliance window that closed on Wednesday.
"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 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.
The first installment of 25% will have to be paid by November 2016 followed by another installment of 25% by 31 March, 2017, and remaining amount to be paid to the exchequer by 30 September, 2017
The CBDT chief said it was important for her department to ensure action and justice in tax evasion and black money cases
Know of a 'benami' transaction or property? Inform the taxman and you could pocket as much as Rs 1 cr
The 'Income Tax Informants Reward Scheme' has also been amended under which a person can get reward up to Rs 50 lakh for giving specific information about substantial evasion of tax on income or assets in India, which are actionable under the Income-tax Act, 1961.