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Wednesday, January 6, 2016

Black money Compliance Window - CBDT garners Rs 2428 Crore tax


Black money Compliance Window - CBDT garners Rs 2428 Crore tax
NEW DELHI, JAN 06, 2016: THE Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force with effect from 1st July, 2015. The Act provided for a one time compliance window to declare assets held abroad and pay due taxes and penalty on the value of assets declared.
A total of 644 declarations were made under the compliance window provided in the Act 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 percent and a like amount of 30 percent by way of penalty on the value of assets declared, by 31 st December, 2015. The amount received by way tax and penalty upto 31st December, 2015 is Rs 2,428.4 crores. The shortfall is primarily on account of certain declarations, in respect of which there was prior information under the provisions of Double Taxation Avoidance Agreements/Tax Information Exchange Agreements or receipt of payment after 31 st December, 2015.
-Regards
CA. C. V. PAWAR