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Declaration of undisclosed Black Money

News and Press Release - Dated:- 22-11-2016 - A total number of 64,275* declarants have made declaration of undisclosed income of ₹ 65,250* crore under the Income Declaration Scheme, 2016. (*Provisional). Under the Income Declaration Scheme, 2016 the amount of tax, surcharge and penalty is payable in three instalments. The notified date for payment of first instalment is 30th November, 2016. Hence, the quantum of tax collected as part of the Scheme cannot be quantified at this stage. Gover .....

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ringent provisions for concealment penalties (equal to three times the amount of tax payable) and contains stringent provision for prosecution. (iii) Constitution of Multi-Agency Group (MAG) consisting of officers of Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement Directorate (ED) and Financial Intelligence Unit (FIU) for investigation of recent revelations in Panama paper leaks. (iv) Proactively engaging with foreign governments with a view to facilitate and enhan .....

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expanding India s treaty network by signing new DTAAs and TIEAs with many jurisdictions to facilitate the exchange of information and to bring transparency. (vii) Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money Laundering Act, 2002 through the Finance Act, 2015. (viii) Enactment of the Benami Transactions (Prohibition) Amendment Act, 2016 to .....

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