Declarations received and amount declared under the compliance window under the Black Money Act
Government of India
Ministry of Finance
Departmentof Revenue
Central Boardof Direct Taxes
PRESS RELEASE
New Delhi, 1st October 2015
Subject: Declarations received and amount declared under the
compliance window under the Black Money Act- regarding
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. The compliance window
opened on 1st July, 2015 and was open till 30th of September 2015.
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. 638 number of
declarations have been received under the compliance window declaring
undisclosed foreign assets amounting to Rs 3770 crore. These figures are
subject to final reconciliation.
Tax at the rate of 30 percent and penalty at the rate of 30
percent is to be paid by 31st December 2015.
The compliance window
closed on 30th September, 2015.
(Shefali Shah)
Pr.
Commissioner of Income Tax (OSD)
Official Spokesperson, CBDT
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