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Declaration of Black Money by Tax Payers

News and Press Release - Dated:- 7-2-2017 - There is no official estimation of percentage of black money held in India in cash. In the last financial year (2015-16) 648 disclosures involving undisclosed foreign assets worth ₹ 4164 crore were made in the one-time three months compliance window ending 30th September 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and penalty in such cases was about ₹ .....

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include: (i) Constitution of the Special Investigation Team (SIT) on Black Money under Chairmanship and Vice-Chairmanship of two former Judges of Hon ble Supreme Court, (ii) 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, (iii) Proactive engagement with foreign governments to facilit .....

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