Central Board of Direct Taxes(CBDT) chairperson Anita Kapur on Thursday said that 638 declarations were made amounting to Rs. 3,770 crore by midnight of September 30, which ended the one-time compliance window for black money disclosures.
“638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore.
“The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad. The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income-tax so far,” the CBDT said in a press statement.
“The compliance window opened on 1st July, 2015 and was open till 30th of September 2015.The officer designated to receive the declarations worked till midnight on 30th September 2015. The e-filing portal was also open till midnight to receive the declarations,” the apex policy-making body of the Income Tax department said.
“Tax at the rate of 30 percent and penalty at the rate of 30 percent is to be paid by 31st December 2015. The compliance window was closed on 30th September, 2015,” the CBDT said.