Published On : Wed, Jun 1st, 2016

Compliance window for domestic black money opens today

06black1New Delhi/Nagpur: The 4-month disclosure window giving an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 per cent on such assets will open today.

People who have made money through corrupt means will not be allowed to take advantage of the disclosure window.

Under the Income Declaration Scheme, persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes, penalty and surcharge totalling 45 per cent at the fair market value.

The Finance Ministry officials have also held an online ‘talkathon’ to create awareness about the disclosure window.

Earlier in the month, the CBDT came out with a 14-Frequently Asked Questions (FAQs) and a circular to explain the provisions of the income disclosure window.

It was clarified that the declaration made under the scheme will not be used against the declarants under the Income-Tax Act or Wealth Tax (now abolished). There will also be an immunity from Benami Transactions (Prohibition) Act.