Black money: Govt gets Rs 17 crore tax and penalty till November 26

Minister of State for Finance Jayant Sinha stated that in all, 635 declarations worth Rs 4,160 crore of illegal wealth were made in the three-month compliance window, which ended on September 30.

By: PTI | New Delhi | Updated: December 2, 2015 7:20 pm
black money, black money tax, black money law, black money rules 2015, black money rules, BJP govt, BJP black money, india news Besides, provisions of the compliance window under the Black Money Act were in the public domain before it was introduced and comprehensive valuation rules have also been provided in the Black Money Rules, 2015.

The government has collected Rs 16.69 crore as taxes and penalty till November 26 from those who have disclosed illegal wealth under the black money compliance window.

Minister of State for Finance Jayant Sinha, in a written reply to a question in the Rajya Sabha on Tuesday stated that in all, 635 declarations worth Rs 4,160 crore of illegal wealth were made in the three-month compliance window, which ended on September 30.

“An amount of Rs 16.69 crore has been collected as tax and penalty up to November 26, 2015,” Sinha said in the reply, which was released to the media today.

The one-time window provided an opportunity to foreign assets holders to declare such assets, pay a total of 60 per cent tax and penalty and escape stringent provisions of the new black money law. The taxes and penalty have to be paid by December 31, 2015.

To a reply to A W Rabi Bernard’s (AIADMK) query on whether lack of trust with respect to keeping the information confidential, valuation rules and insufficient time given to tax payers led to poor response, Sinha said: “Inference of poor response does not appear to emanate out of the available facts.”

He said: “A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore under one-time compliance window of the newly enacted Black Money Act, 2015. There was no target as such in this regard.”

Sinha said the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, incorporates provisions of Section 138 of the I-T Act, which regulates disclosure of information of assessees.

“The Central Board of Direct Taxes… had also clarified that the information in respect of declaration made was confidential as in the case of return of income filed by assesses,” he said.

He added that “reasonable time” of three months from July 1 to September 30 was granted under the one-time compliance window.

Besides, provisions of the compliance window under the Black Money Act were in the public domain before it was introduced and comprehensive valuation rules have also been provided in the Black Money Rules, 2015.

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  1. Hemen Parekh
    Dec 18, 2015 at 6:44 am
    AGENDA FOR REFORMS ( Source : hemenparekh > Blogs ) ------------------------------------------------------------------------- • TAXATION REFORMS • Jan Dhan Sarjan Yojana • • A Virtuous Circle ? • • A case for ZERO personal income tax • • Central Budget - 2014 • • To Be or Not to Be ? • • Create Wealth to create Jobs • • Magic Wand • • WHAT NEXT ? UNDISCLOSED INDIAN ETS ? • • Treading the Beaten Path • • FROM GREED TO GREAT ? • • GST / Give and Take • ADMINISTRATIVE REFORMS • Dream House by 2020 ? • • Non Performing ets ? • • Close in India • • Innovation - A Distant Dream ? • • Median ry • • Bank Re-Capitalization • • Why penalize poor Farmers ? • • Land Acquisition Solution • • Budgeting By Objectives • • The Invisible Corruption • • To Err is Human • • Urban Renewal • • NaMo had no choice • • Next Hundred Days • • Why Businessmen Bribe Bureaucrats ? • • Myopia Magnified ! • • Scams are avoidable ! • • Needed some simple answers • • Gastronomic • • Facebook Generation • • A system based Solution • • Solomon come to Judgment ? * Self Certification for Builders • E-GOVERNANCE REFORMS • e - Governance • • VotesApp • • I SIN > < U SIN • • How to save Rs 5511 Crores • • Self Certification For Builders • • Honey ! I Shrunk the EVM * 2 Down ; 1 to Go • POLITICAL REFORMS • MBA s all • • Prakash / Piyush / Nitin ko Kyun Gussa Aata hain ? • • A Referendum on GST ? • • ROMP - A Panacea ? • • Poll Results are Out • • But Democracy is a Good Thing ! • • From Inter-Pol to Inter-Mill ? • LABOUR REFORMS • Time to Rethink • • Maid in India • • Make in India is Skill-ing India • • Redefining Manufacturing • • EMPLOYMENT REFORMS • World Wide Work Federation ( W3F ) • • From Job-seekers to Job Creators • • Myth of Job Creation • • A New Economic Order / Start Up Act - 2015 • • Back Factory of World • • Killing Many Birds with one Stone • • Ideas to create Jobs • • National Career Service Portal • • One Rank One Pension ( OROP ) • • One Rank , N-One Pension ( ORNP ) • • The Missing Link • • Hire when you need • • Create Self Employment • • Start Up Eco System • • Annual Employment Survey • • Ten Million Entrepreneurs ? • • No Interviews for B-C-D ? • * Creating Jobs Vs Creating Self Emplo ? * Get out of the Way • EDUCATIONAL REFORMS • Is Smriti Irani listening ? • • State of Republic • • MANUFACTURING REFORMS • Compeive Advantages are transient • • A Welcome Problem • • Building Castles in Air • • Export Strategy • • Let us focus on what we are good at • • How China makes Cheap ? • • The Second Industrial Revolution ? • • When is Rank # 1 Bad ? • • Project Development System ( PRODEVSYS ) • • Redefining Manufacturing • DIGITAL INDIA • If Mohamed cannot go to Mountain • • Shape of Things to Come • • Digital Locker Project • • A Software Powerhouse ? • • The Shape of Womb to Come ? • • Raining Cards ! • • Digital India • • Digital Delivery of Drugs • • Nothing Prettier than PERT • E - COMMERCE • If you cannot lick them , Join them • • Defining E- Commerce • • FDI in India Post ? • • E Commerce is Easy Commerce • BLACK MONEY • A Gordian Knot • • White s of Black Money ? • • Legalize Money Laundering • • A Ticking Time Bomb • • The Debt Trap • • Time for Out - of - Box Thinking ? • • Learning from Anywhere / Everywhere • • Networking of Currency Notes * Making Molehill out of Mountain --------------------------------------------------------------------- hemen parekh 16 Dec 2015
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      Sathish
      Dec 2, 2015 at 2:18 pm
      Are the Income tax and other corrupt officials/servants reporting all the bribe they have collected all these years??? LOL! .. or is that not considered black money as per some clause of some ic law!
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        Moti Chand
        Dec 2, 2015 at 2:05 pm
        Black Money Vrs Blackmailing !
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        1. M
          Moti Chand
          Dec 2, 2015 at 2:05 pm
          Black Money Vrs Blackmailing !
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          1. M
            Moti Chand
            Dec 2, 2015 at 2:06 pm
            Black Money Vrs Blackmailing !
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