Rs 3770 cr black money out

unnamed (1)So far 638 declarations have been received under the compliance window
declaring undisclosed foreign assets amounting to Rs 3770 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition
of Tax Act, 2015 (the Act). The e-filing portal was open till midnight to receive the declarations. Tax at the rate of 30 percent and penalty at the rate of 30 percent is to be paid by December 31. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with black money stashed
abroad. The Act also 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.

Medaram Jathara

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