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638 Foreign Assets’ Declarations Made Under Amnesty

The government has received 638 submissions declaring undisclosed Foreign Assets amounting to Rs 3,770 Crore under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 but the response was far below the expectations.

Officer Designated to receive the declarations worked till midnight on 30th September 2015 and E-Filing Portal was also open till midnight to receive the declarations. Tax at the rate of 30 percent and Penalty at the rate of 30 percent is to be paid by 31st December 2015 under the declaration.

The officer designated to receive the declarations worked till midnight on 30th September 2015. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter. The compliance window opened on 1st July, 2015.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad. The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income-tax so far.

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