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Declaration made under the compliance window of black money act

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 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 compliance window closed thereafter. 638 number of declarations have been received under the compliance window declaring
undisclosed foreign assets amounting to Rs 3770 crore. These figures are subject to final reconciliation.

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 closed on 30th September, 2015.

(Shefali Shah)
Pr. Commissioner of Income Tax (OSD)
Official Spokesperson, CBDT

Banking Calculators GST

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    In my blog of 18th Sept , I had estimated BLACK MONEY disclosure of ( may be ) , Rs 40,000 crores , under
    Undisclosed Foreign Income and Assets Act - 2015
    That would have netted Government , Rs 24,000 Cr by way of tax / penalty
    I was way off the mark !
    The 3 month opportunity window closed two days back , with a disclosure of Rs 3770 cr , by 638 persons , netting Govt Rs 2262 cr !
    Quite like , " Digging the Mountain to find the Mouse "
    Now , some knowledgeable persons / organizations have estimated that the amount of BLACK MONEY stashed away domestically , could be close to,
    Rs 25 Lakh*Crores !
    But then , man-on-the-street guesses that to be Rs 100 Lakh*Crores !
    Time and again , that common man have proved the pundits wrong !
    I suppose , the common man knew all along that half-hearted amnesty schemes are bound to fail , as in the past
    But pundits refuse to learn from their past mistakes !
    They refuse to recognize that nowhere in the World , any Government has succeeded at any time to legislate the GREED away !
    And fail to understand why NDA government is hesitating to harness the unlimited power of SUN - the almighty SUN OF GREED
    By :
    * Abolishing Personal Income Tax ( source of the DARKNESS of

    * Stop asking any questions as to the " Source " for all cash deposits
    made into bank accounts opened under Jan Dhan Yojana

    * Levy a Bank Transaction Tax ( BTT ) of 2 % to yield revenue of
    Rs 15 lakh*crores , which would be 5 times the loss of revenue due
    to abolition of Personal Income Tax

    * Encourage deposits made into Jan Dhan bank accounts to be invested in
    SOLAR POWER SPV Farms , by direct depositing of income derived (
    from sale of electricity to DISCOMs ) into those bank accounts - again
    free of Personal Income Tax ( setting in motion, a VIRTUOUS CIRCLE ! )

    NDA is planning to harness 100 GW of Solar Power by 2020

    If above-mentioned suggestion is implemented , India could harness

    1000 GW of Solar Power by 2020 !

    Just imagine what that could do to GDP / SELF-EMPLOYMENT / CLIMATE

    Let us harness GREED to make INDIA GREAT !

    hemen parekh
    02 Oct 2015