The government has collected Rs 2,428 crore in taxes after over 644 declarations were made under one-time black money compliance window announced by the finance ministry.
The government has collected Rs 2,428 crore in taxes after over 644 declarations were made under one-time black money compliance window announced by the finance ministry. This amount has been rece-ived upto December 31.
“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 or Tax Information Exchange Agreements or receipt of payment (was made) after December 31, 2015,” said Central Board of Direct Taxes (CBDT) in a statement.
The amount involved in these 644 declarations was Rs 4,164 crores. The declarants were liable to pay tax at the rate of 30 per cent and a like amount of 30 per cent by way of penalty on the value of assets declared, by December 31, 2015.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force with effect from July 1, 2015. It provided for a one time compliance window to declare assets held abroad and pay due taxes and penalty on the value of assets declared.
Entities who did not use the window and are later found to be in the possession of illegal assets or accounts abroad, will have to pay 120 per cent tax and penalty and face jail term.
