300 declared 3000 crore black money in India

The present government formed by National democratic alliance succeeded in implementing black money law in India. As per the law all foreign account holders had to declare money deposited in foreign accounts by 30th of September 2015.

 

CBDT (central board of direct taxes) headed by senior income tax official created a special window to keep tax declaration of foreign bank account holders confidential as per section 138 of Indian income tax act.

CBDT has also started an advertisement campaign in order to encourage tax evaders to declare undisclosed foreign money. As per prevention of money laundering act hoarding or hiding money abroad is a criminal offence, if caught the evader may subject to prosecution up to 10 years of rigorous imprisonment, Penalty up to 120%Tax, confiscation of assets may also result.



 

By using the one-time window provided by CBDT 300 people declared 3,000 crore of money hoarded in foreign banks. As the Government has given a chance to the evaders to come clean, 30% of tax and 30% of penalty will be levied upon the money declared.
As per an estimate given by Global Financial integrity India $44 billion of money went out of India between 2003-2012. The objective behind discouraging depositing unaccounted money in foreign banks account is to stop illicit overseas outflow of money.
If you have unaccounted money in any foreign bank Just make note that The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 may anytime catch hold of you.
 

By : | Category : News| Sub Category : India News|Date : October 02,2015

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