Business Other News 21 May 2016 No amnesty for corru ...

No amnesty for corrupt money: Finance Ministry

DECCAN CHRONICLE. | DECCAN CHRONICLE
Published May 21, 2016, 12:42 am IST
Updated May 21, 2016, 7:18 am IST
Only income earned through legitimate means, but not declared in returns, can get amnesty.
However, the scheme will not apply in relation to prosecution of any offense punishable under the Prevention of Corruption Act, 1988.
 However, the scheme will not apply in relation to prosecution of any offense punishable under the Prevention of Corruption Act, 1988.

New Delhi: The finance ministry on Friday made it clear that persons who have made money through corruption cannot take advantage of amnesty scheme on the black money to come clean.

As per the Frequently Asked Questions (FAQs) and a circular issued by the ministry, declarations made under the scheme will remain confidential and will not be used against the declarants under the Income-Tax Act or Wealth Tax (now abolished).  It also assured them that there will also be an immunity from Benami Transactions (Prohibition) Act.

However, the scheme will not apply in relation to prosecution of any offense punishable under the Prevention of Corruption Act, 1988.  “Therefore, the declaration of such undisclosed income cannot be made under the scheme,” it said, adding such declaration will amount to misrepresentation of facts and hence void.

As per the FAQs, if a declaration is held as void, the provisions of the Income-tax Act will apply in respect of such income as they apply in relation to any other undisclosed income.

The FAQs said that it is not mandatory to file the valuation report of the undisclosed asset along with the declaration. “However, the declarant should have the valuation report. While e-filing the declaration on the departmental website, a facility for uploading the documents will be available,” it said.

 

FAQs further said that the persons can declare undisclosed income for previous years regarding which no notices have been served on them by the income-tax department.

“The declarant will not be eligible for declaration under the scheme where the undisclosed income relates to the assessment year where a notice... Has been issued and served on the declarant on or before May 31, 2016,” it said.

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