New Delhi: The government is going all out to ensure success of domestic black money amnesty scheme opened on June 1. After Prime Minister Narendra Modi asked people to take adv-antage of the scheme in Mann Ki Baat programme, finance minister Arun Jaitley on Tuesday met industry associations to clear doubts on the scheme.
Mr Jaitley said that there will be no extension of the scheme. He said information on assets disclosed during the one-time compliance window will not be shared with any other authority. “If people have (undisclosed) income and have stayed outside the income-tax net, this is the last chance to declare it and sleep peacefully,” said the finance minister after the meeting.
He warned that black money holders who do not avail of the government’s offer and continue to hide wealth will be shown “consequences” of doing so. “There is a (new black money) law and whosoever comes within its purview will be told about consequences (of holding black money),” said Mr Jaitley. The minister said that any declaration made under the law will be protected. “That information is not to be shared with any other authority. It won’t be made public, it won’t be shared with anybody.”
He said trade bodies have suggested that the tax should be allowed to be paid in instalments. “We will consider this and we will come out with FAQs,” he said. Ficci said the finance ministry has promised another set of FAQs to address some of the concerns expressed in the meeting, relating to confidentiality, valuation and immunity under companies act, excise act and service tax laws, etc.
