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Compliance window News

India black money

15 Sep 2016

Govt says info under domestic black money scheme confidential

Government on Thursday said information about those who declare their black money under the compliance window, ending September 30, will be kept confidential.

tax litigations

19 Jul 2016

Tax litigations: I-T dept to write to over 2.59 lakh taxpayers

After unleashing a massive awareness campaign for the one-time black money compliance window, the tax authority will now write to over 2.59 lakh taxpayers to avail benefits of a similar scheme where an estimated Rs 5.5 lakh crore is stuck in litigation.

undisclosed income

19 Jul 2016

Govt detects nearly Rs 44K cr in undisclosed income

Undisclosed income of Rs 43,829 crore, both from domestic and foreign sources, has been detected by government in the last two financial years, Parliament was informed.

31 May 2016

Compliance window for domestic black money opens tomorrow

Under the Income Declaration Scheme, persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes, penalty and surcharge totalling 45 percent at the fair market value.

02 Mar 2016

Compliance window for black money holders is no amnesty: FM

Finance Minister Arun Jaitley on Wednesday said the domestic black money holders being offered a limited period compliance window to come clean is not an amnesty scheme as disclosures will be charged at 45 percent as against the normal rate of 30 percent.

30 Sep 2015

No FEMA action for disclosure under black money window: RBI

RBI Wednesday said no action under FEMA will be taken against declarations under one-time black money compliance window, which ends today.

22 Sep 2015

Govt not to extend Sept 30 deadline to disclose foreign assets

Government will not extend the deadline for income tax assesses to disclose unaccounted foreign assets abroad beyond September 30, which is the expiry date of the three-month compliance window to avoid punitive action, a senior tax official said Tuesday.

21 Sep 2015

I-T dept to catch hold of black money holders post Sep 30: CBDT

All "consequences" of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day 'compliance window' on September 30, the CBDT chief warned on Monday.

04 Sep 2015

Govt promises total confidentiality on black money declarations

The Finance Ministry issued 32 Frequently Asked Questions (FAQs) on the compliance window on July 6, and came out with the second set today.

04 Jul 2015

Compliance window last chance to come clean on black money: Govt

Terming the rules for the new black money law "simple and clear", Finance Ministry on Saturday said the ongoing compliance window will be the last chance to come clean on undisclosed foreign assets.

04 Jul 2015

Black money: Compliance window not to apply if proceedings already on, says govt

Indian government has received information regarding some its citizens having undisclosed foreign accounts in HSBC bank's Geneva branch and LGT Bank Liechtenstein.

11 Jun 2015

FinMin to soon issue FAQs on new black money law

The Finance Ministry is likely to soon issue FAQs explaining the provisions of the new black money law and also to clarify whether one-time compliance window can be availed by persons already under probe.

14 May 2015

Black money: Compliance window in the next 2-3 weeks

Under the new law, persons having unaccounted wealth will be given an opportunity through a compliance window to come clean by declaring their assets and pay penalty and tax of 60 percent.

Compliance window

20 Mar 2015

Compliance window in black money law is not amnesty: Govt

The short window for declaring undisclosed assets under the proposed black money law will spare tax payers of prosecution but will have to pay tax and penalty as it won't be an amnesty scheme.

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