Black money holders News

The scheme was launched in December last year by the government to enable people with black money to come clean by paying tax and penalty of 50 percent.

Vowing to continue the crackdown on black money, Prime Minister Narendra Modi on Tuesday said that over Rs 1.75 lakh crore deposited in banks post note-ban and more than 18 lakh people with disproportionate income are under government scrutiny.

Offering the last chance to black money holders, the Centre, has unveiled a new scheme under which those with undisclosed income and assets located in India can come clean by paying a tax of around 50 percent.

The Income Tax department today warned black money holders that it has "information" about their illegal deposits and they should avail the soon-to-end PMGKY window to come clean.

 The Centre should initiate many more steps towards elimination of all forms of black money like diamonds, gold, shares and foreign currency and black money generation through crony capitalism, said K Chandrasekhar Rao.

 Govt's second chance to black money holders!

The Income Tax department has seized an all-time high value of cash and jewellery, while Rs 3,360 crore unpaid taxes have been surrendered this year as part of its enhanced crackdown against black money holders in the country.

Income Tax Department has asked its top officers to closely scrutinise high-value transactions and investments in penny stocks to identify potential black money holders who can avail the four-month compliance window ending September 30 to come clean.

 Offering black money holders one last chance to come clean, Finance Minister Arun Jaitley today said information on assets disclosed during the one-time compliance window will not be shared with any other authority.

Disclosures made in the 4-month compliance window beginning June 1 for domestic black money holders to come clean will be kept secret, according to an amendment to the Finance Bill 2016 approved by the Lok Sabha.  

Finance Minister Arun Jaitley on Wednesday said the domestic black money holders being offered a limited period compliance window to come clean is not an amnesty scheme as disclosures will be charged at 45 percent as against the normal rate of 30 percent.

Asked how long the compliance window would be, he said: "It has to be a matter of a few months. It's a matter on which the government is yet to take a decision."

Government on Saturday dismissed reports that there will be no prosecution of black money holders if they come forward and make a declaration of their overseas accounts before 2017.