638 people have come out in open and disclosed black money by using one-time compliance window. The declaration has happened within 3 months of the Window provided by the government.
According to Hasmukh Adhia, Revenue Secretary, “638 people have declared their foreign assets to the Income Tax Department and the total amount shown by them is Rs. 3770 Crore.”
The Bharatiya Janata Party (BJP) had the recovery of black money as one of their top priorities. As informed by Anita Kapur, CBDT Chairperson, “638 declarations received declaring undisclosed foreign assets amounting to Rs. 3770 Crore.”
Today was the last day of the one-time compliance window with no further extension. A total of 6, 500 crore was declared to be recovered on the ground that 60% of the penalty would be paid on the money stashed abroad and that the people could escape prosecution or jail.
Now, after the deadline has ended, tax and penalty will double to 120% and the tax evaders can be imprisoned for 10 years.
The government will come up with a press release stating that they have substantially collected some money. On the contrary, Congress is now claiming that the promise of transferring Rs. 15 lakh each to every citizen’s account is yet to be delivered.
While Congress finds holes in NDA’s win, BJP on the other hand considers it as a good start to their intention of recovering the entire black money.
First Published | 1 October 2015 2:22 PM