New Delhi: Some 638 people have declared Rs 3,770 crore in black money stashed in foreign countries under the tax amnesty scheme that offered citizens a chance to disclose overseas assets by paying tax and a penalty. This amount is just a fraction of the black money estimated to be held by Indians in foreign countries.
The compliance window to come clean was offered by the Modi government before the harsh provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 come into force. The last day to declare undeclared foreign assets under the compliance window was September 30.
These figures are subject to final reconciliation, the I-T department has clarified. The government has warned that it will now initiate “action” against those who haven’t disclosed their black money and assets in foreign shores under the compliance window. “Whatever has come, we accept it and now onwards we will start action against those people who have not declared assets,” said revenue secretary Hasmukh Adhia.
The official said the window was the only opportunity for people to come clean on black money stashed abroad.
638 declarations made before the black money compliance window closed
- 30% tax and penalty of 30% to be paid by December 31, 2015
- Rs 3,770 crore was disclosed in all the declarations. It is subject to final reconciliation
- Congress said the Centre’s disclosure exposed the “hollowness” of PM Narendra Modi’s claim on I-Day that Rs 6,500 crore of undisclosed foreign assets were declared.
- Finance Minister Arun Jaitley replies: “that Rs 6,500 crore was different. This (Rs 3,770 cr) is different”.
