Reducing black money through a Scheme to declare undisclosed income by paying 45% tax in a given compliance window

Black Money, Budget FY 2016-17

While presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley proposed a Scheme to declare undisclosed income by paying 45% tax in a given compliance window.Shri Jaitley proposed a limited period Compliance window for domestic taxpayers to declare undisclosed income or income represented in the form of…

644 Declarations involving Rs. 4,164 crore made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Black Money, Income Tax

A total of 644 declarations have been made under the compliance window provided in the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which closed on 30th September, 2015. The amount involved in these 644 declarations was 4,164 crores.The declarants were liable to pay tax at the rate of 30…

Govt. received 638 declarations declaring undisclosed Foreign Assets amounting to Rs 3770 Crore under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Black Money, Income Tax

638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act). These figures are subject to final reconciliation. The officer designated to receive the declarations worked till midnight on…

Regularisation of assets held abroad by a person resident in India under Foreign Exchange Management Act, 1999

Black Money, RBI Notifications/ Circulars/ Press Release

The Government of India has enacted The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) on May 26, 2015 to address the issue of undisclosed assets held abroad. It provides for separate taxation of income and assets acquired abroad from income not disclosed but chargeable to tax…

Additional & Joint Commissioners of Income Tax authorised as AO under Black Money and Imposition of Tax Act

Black Money, Income Tax

NOTIFICATION New Delhi, the 24th August, 2015 [Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax]   S.O. 2299(E).—In exercise of the powers conferred by clause (b) of sub-section (4) of section 120 of the Income-tax Act, 1961 (43 of 1961) read with section 6 of the Black Money (Undisclosed Foreign Income and…