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Rs 3,770 crore recovered in government's Black Money drive

| | Oct 01, 2015, at 11:13 pm
New Delhi, Oct 1 (IBNS) The government on Thursday said it has recovered black money or untaxed money worth Rs. 3770 crore with 638 people declaring their illegal money.
The government's Ministry of Finance in a communique said: "638 declarations received declaring undisclosed Foreign Assets amounting to Rs 3770 Crore under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015."
 
"These figures are subject to final reconciliation. 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. 
 
"Tax at the rate of 30 percent and penalty at the rate of 30 percent is to be paid by 31st December 2015," it said. 
 
The compliance window opened on  July 1, 2015 and closed on  Sept 30, 2015. 
 
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. 
 
Congress, however reacted sharply to the report. 
 
"The hollowness of PM Modi's claims has been exposed before the country. He said within 100 days, the government would bring back crores in black money. It's a shame that they have got only 3000 crores,"  Congress spokesperson Randeep Singh Surjewala was quoted saying by NDTV.

 

#Black Money # Income Tax drive # India black money

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