June 28, 2016 4:58 PM

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'FM to meet industry chambers, CAs on black money issue

Finance Minister Arun Jaitley will meet industry chambers, Chartered Accountants, and and other professionals in New Delhi this evening on black money issue. <br/><br/>At the meeting, the Finance Minister will explain provisions as well as clear misgivings about the four-month window provided to domestic blackmoney holders to pay their taxes and escape harsher penalties. The I-T department has already adopted a 4-pronged strategy to ensure success of the scheme.<br/><br/>On Sunday, Prime Minister Narendra Modi had had warned the black money holders to take advantage of the scheme or face action. Mr Jaitley in his Budget speech had announced a four-month window to declare black under the Income Declaration Scheme (IDS) 2016.<br/><br/>The scheme, which opened on June 1, allows domestic black money holders to declare ill-gotten wealth and come clean by paying a tax and penalty totalling 45 per cent.

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