Finance Minister Arun Jaitley today said compliance window for domestic black money holders to come clean is no amnesty. Speaking at a function in New Delhi, Mr Jaitley said disclosures will be charged at 45 per cent as against the normal rate of 30 per cent. <br/><br/>AIR correspondent reports those with undisclosed income and assets are being provided a four-month window beginning June 1 to declare their wealth, pay normal tax rate of 30 per cent plus 15 per cent in penalty and surcharge and escape prosecution. Mr Jaitley said for incomes which have escaped assessment, 50 per cent more than normal tax will have to be paid at current values.<br/><br/> The compliance window is proposed to be open from first of June to 30th September. The payment can be made within two months of the declaration. A total of 4,147 crore rupees of undisclosed wealth was declared during the 90-day foreign black money compliance window that ended on 30th September last year. The government got a net tax of 2,500 crore rupees from the declarations.
News On AIR | March 2, 2016 6:09 PM
Compliance window for black money holders is no amnesty: Jaitley