Published On: Thu, Oct 1st, 2015

Over 600 black money stashers declare possessions amounting to Rs 3770 crore

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638 people have come out in open and have used a one-time compliance window for disclosing black money. An amount summing to Rs 3,770 crore has been declared, according to CBDT Chairman Anita Kapur on Thursday. “638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore. These figures are subject to final reconciliation,” the Finance Ministry said in a statement based on figures provided to it by the CBDT.

It added that tax at the rate of 30 % and penalty at the rate of 30 % is to be paid by December 31, 2015.

The window, created under the new anti-Black money Act, saw a hectic rush on the last day yesterday as declarants made a beeline to meet the deadline at the only I-T office designated here for the task.

“Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad. A stream of declarants, including from far off places like Rajasthan and Karnataka, walked into the only designated office in Delhi to make declarations before the closure of the one-time black money ‘compliance window’.

Long queues were seen throughout the day of people, mainly those who appeared to be Chartered Accountants or representatives of those who have undisclosed money and wealth abroad.

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