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Black money worth Rs. 65,250 crore declared under Income Disclosure Scheme, 2016

Black money worth Rs. 65,250 crore declared under Income Disclosure Scheme, 2016
03 October 2016 Current Affairs: The Central Board of Direct Taxes (CBDT) has received total disclosure of Rs. 65,250 crore black money in the form of cash and other assets under the Income Disclosure Scheme, 2016. 

The scheme launched in June 2016 has provided a one-time opportunity to those who had not paid full taxes in the past. It had provided four-month window for declaring undisclosed income or black money and ended on 30 September 2016.

The scheme had provided a one-time opportunity to black money holders who had not paid full taxes in the past to come clean by declaring their domestic undisclosed income and assets. Declaration were made in respect (i) Any undisclosed domestic income. (ii) Any investment in asset representing undisclosed income, upto financial year 2015-2016. The undisclosed income or black money and assets declared was liable to total 45% tax of the undisclosed income. Benefits of Declaration: (i) No wealth tax on asset declared. (ii) No enquiry under Income Tax Act or Wealth Tax Act. (iii) Immunity from the Benami Transaction (Prohibition) Act, 1988. The scheme gave an opportunity to the defaulter to come clean by paying more than normal tax and did not reward the dishonest tax defaulters.


February 2017 Current affairs
21 FEB
NEWS
20 FEB
NEWS
18 FEB
NEWS
17 FEB
NEWS
16 FEB
NEWS
15 FEB
NEWS

January 2017 Current affairs
31 JAN
NEWS
30 JAN
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28 JAN
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27 JAN
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25 JAN
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24 JAN
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December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
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28 DEC
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27 DEC
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26 DEC
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November 2016 Current affairs
30 NOV
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29 NOV
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28 NOV
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26 NOV
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25 NOV
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24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
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26 OCT
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25 OCT
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24 OCT
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22 OCT
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