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.