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Reducing black money through a Scheme to declare undisclosed income by paying 45% tax in a given compliance window

Budget - Dated:- 29-2-2016 - While presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley proposed a Scheme to declare undisclosed income by paying 45% tax in a given compliance window. Shri Jaitle .....

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d penalty at 7.5%, which is a total of 45% of the undisclosed income. Regarding income declared in these declarations, there will be no scrutiny or enquiry under the Income Tax Act or the Wealth Tax Act and the declarants will have immunity from pros .....

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