Finance

Black money: Only 638 stash holders declare possession of Rs 3,770 crore

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New Delhi: Nearly 638 people have come out in open and have used a one-time compliance window for disclosing black money. An amount summing to Rs 3,770 crore has been declared, according to CBDT Chairman Anita Kapur on Thursday.

Kapur said that those who have declared have until December 31st, 2015 for payment of taxes and penalty.

The rush of black money declarants peaked at the Income Tax office in Delhi on Wednesday as the deadline for disclosure of wealth stashed abroad expired on September 30.

It added that tax at the rate of 30 per cent and penalty at the rate of 30 percent 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 yesterday 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.

A stream of declarants, including from far off places like Rajasthan and Karnataka, walked into the only designated office in Delhi to make declarations before the closure of the one-time black money ‘compliance window’.

Long queues were seen throughout the day of people, mainly those who appeared to be Chartered Accountants or representatives of those who have undisclosed money and wealth abroad.

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Nagaraju Tadakaluri
Nagaraju Tadakaluri is a Professional Web Designer, Freelance Writer, Search Engine Optimizer (SEO), Online Marketer, Multi Level Marketer (MLM) and Business Promoter. Have developed Latest Updates in hopes to educate, inform and inspire.

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