Come Clean by 30 Sept: Jaitley to Black Money Holders

Government had earlier announced a four month compliance window under the Tax Disclosure Scheme, beginning 1 June.

Updated28 Jun 2016, 07:17 PM IST
Business
1 min read
  • Individuals with black money need to declare and legitimize it before 30 September 2016, Finance Minister, Arun Jaitley said on Tuesday.
  • In a bid to alleviate fears, Jaitley added that any declarations made under the Income Declaration Scheme, 2016 would not be shared with other investigating agencies or made public.
  • The Government had earlier announced a four month compliance window under the Tax Disclosure Scheme beginning 1 June for holders of unaccounted wealth by paying 30 percent tax plus a penalty of 7.5 percent and a similar percentage of surcharge.
  • On Monday tax authorities revealed that they had unearthed over Rs 13,000 crore of stashed undeclared income in overseas bank accounts, just from information received in 2011 and 2013.

(With PTI Inputs)

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Published: 28 Jun 2016, 03:49 PM IST

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