September 22, 2015 11:05 PM

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Taxman to go after black money hoarders post Sept 30 deadline

All consequences of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day compliance window on September 30th.The Central Board of Direct Taxes(CBDT), the apex policy-making body of the Income Tax department, also made it clear that all anti-harassment and pro-confidentiality procedures have been put in place by it for those people who want to avail this window before the September 30 deadline followed by payment of taxes and penalty before December 31st. CBDT Chairperson Anita Kapur has said if it is known that there is some wrong or no filing by a person holding black money, then the accountability rests with that person. Mrs Kapur said the board is constantly trying to strengthen its information systems in both the domestic and international arena in order to create the capacity to catch hold of such people who are spoiling country's tax compliance culture. She also refuted allegations that people are being harassed under the new anti-black money law saying while the Act is yet to come into force, it has been made robust by ensuring confidentiality and commitment of no further inquiry to a declarant.

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