Revenue Secretary Hasmukh Adhia said the tax department will initiate action against those who have not disclosed their black money and assets stashed abroad as the compliance window has closed. Whatever has come, we accept it and now onwards we would start the action against those people who have not declared any asset and about whom the information would come to us, he told reporters here.
Adhia said the window was the only opportunity for people to come clean in this regard and the government had no particular figure of money in mind that would come out after this 90 day exercise that finished yesterday.
The Finance Ministry had added that these figures, as of now, are subject to final reconciliation. A tax at the rate of 30 per cent and a separate penalty at the rate of 30 per cent has to be paid by December 31, 2015 by these declarants after verification by the tax department. The compliance window saw a hectic rush on the last day as yesterday declarants made a beeline to meet the deadline at the only IT office designated here for the task. The Finance Ministry said the anti-black money law provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income Tax so far.
The compliance window opened on 1st July, 2015 and was till 30th of September 2015. The statement said the Commissioner rank officer designated to receive declarations worked till midnight even as the e-filing portal was also open till midnight to receive the declarations.
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