January 6, 2016 5:43 PM

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Black money: Govt collects Rs 2,428 crore tax from 644 entities

Government has collected over Rs 2,428 crore in taxes under the one-time black money compliance window till 31st of December 2015 . In a statement, Central Board of Direct Taxes, said this amount was received by it by way of tax and penalty. <br/><br/>A total of 644 declarations were made by stash holders under the compliance window which closed on 30th September 2015 provided under the anti-black money Act. The amount involved in these 644 declarations was 4,164 crore rupees. <br/><br/>The new law, called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act came into force with effect from July last year. 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.

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