Published On : Thu, Oct 1st, 2015

Black money: Govt collects Rs 3,770 cr through 638 disclosures made by Sep 30

New Delhi/ Nagpur:
The Central Government, through its recently launched ‘black money disclosure by compliance window system, collected as much as Rs 3,770 crore through 638 disclosures made by September 30, 2015, within a three-month period. The figures supplied to the media are as per details supplied by the Central Board of Direct Taxes, and are said to be subject to final reconciliation. The sources further said that the tax at the rate of 30% would be charged and penalty thereof at the rate of 30% has to be paid by December 31, 2015.

It may be mentioned that the window system was provided under Anti-Black Money Act, and this Wednesday witnessed a huge rush on the last day of month September in the IT office assigned the task of collection in Mumbai.

As directed by the Apex Court over the lingering issue of black money, the Central Government had to enact a new legislation, called, ‘Black Money (Undisclosed Foreign Income and Assets) & Imposition of Tax Act, 2015. The purpose of the Act was to ensure obtaining the undisclosed money or black money stashed outside India, and the compliance window system provides special privilege for a limited period of time. In this regard, it may be recalled, even various political parties in the opposition had raised finger at the present government’s functioning as well integrity.

The compliance window opened on July 1, 2015 and was available till September 30, 2015.

It is informed that the officials assigned the task of receiving disclosures worked till midnight even as the e-filing portal was also open till midnight to receive the disclosures.