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

Posted on:03 Oct 2016 18:10:09
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.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs September 2017

19 SEPTEMBER
NEWS
18 SEPTEMBER
NEWS
16 SEPTEMBER
NEWS
15 SEPTEMBER
NEWS

Current Affairs August 2017

31 AUGUST
NEWS
30 AUGUST
NEWS
29 AUGUST
NEWS
28 AUGUST
NEWS

Current Affairs July 2017

31 JULY
NEWS
29 JULY
NEWS
28 JULY
NEWS
27 JULY
NEWS