Black money declarations begin June 1
The four-month window for declaring black money held in the country will open on June 1.
Under the Income Declaration Scheme 2016, individuals can come clean by paying 45 per cent tax and penalty while avoiding scrutiny and enquiry by the Tax Department.
The scheme also provides immunity from prosecution under the Income-tax Act and Wealth Tax Act. Immunity from prosecution is provided under Benami Transactions (Prohibition) Act, 1988 subject to transfer of asset to actual owner within the period specified in the rules.
Till Sept 30
The Income Declaration scheme 2016 will remain in force till September 30 for filing declarations.
Tax, surcharge and penalty must be paid latest by November 30, according to a statement from the Union Finance Ministry.
“No scrutiny and enquiry under the Income-tax Act or the Wealth tax Act (now abolished) shall be undertaken in respect of such declarations.” The scheme will apply to undisclosed income whether in the form of investment in assets or otherwise, the Ministry said.
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