STOCK MARKET BSE NSE

CBDT Reports 4,164 Crores Declarations Under Black Money and Tax Act

The amount received by way tax and penalty up to December 31, 2015, is Rs. 2,428.4 crores.

Published: 06th January 2016 03:54 PM  |   Last Updated: 06th January 2016 03:54 PM   |  A+A-

By ANI

NEW DELHI: The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, which was enforced from July 1, 2015, reported a total of 644 declarations under the compliance window, which amounted sum of Rs. 4,164 crores. 

The Act provided one time compliance window, where the declarants were liable to pay tax at the rate of 30 percent and a like amount of 30 percent by way of penalty on the value of assets declared by December 31, 2015.  

The amount received by way tax and penalty up to December 31, 2015, is Rs. 2,428.4 crores. The shortfall is primarily on account of certain declarations, in respect of which there was prior information under the provisions of Double Taxation Avoidance Agreements/Tax Information Exchange Agreements or receipt of payment after December 31, 2015.

More from Business.

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp