644 Declarations involving ₹ 4,164 crore made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

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..... 644 Declarations involving ₹ 4,164 crore made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - News and Press Release Dated:- 6-1-2016 - News - .....

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..... A total of 644 declarations have been made under the compliance window provided in the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which closed on 30th Septem .....

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..... ber, 2015. The amount involved in these 644 declarations was 4,164 crores. 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 v .....

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..... alue of assets declared, by 31st December, 2015. The amount received by way tax and penalty upto 31st December, 2015 is ₹ 2,428.4 crores. The shortfall is primarily on account of certain declara .....

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..... tions, 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 31st December, 2015. .....

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..... The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force with effect from 1st July, 2015. The Act provided for a one time compliance window to decl .....

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..... are assets held abroad and pay due taxes and penalty on the value of assets declared. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com .....

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..... - TMI - TaxTMI - TMITax .....

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