An amount of Rs 3,770 crore has been obtained by the Indian Government on Thursday from 638 declarations under the one-time black money compliance window that closed on Wednesday. On the basis of the figures provided to the government by the CBDT, finance ministry said that these figures are subject to final reconciliation. It added that by Dec 31st, 2015, tax at the rate of 30 % and penalty at the rate of 30 % is to be paid.
In order to deal with the danger of black money stockpiled in foreign, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been executed. In addition, 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. The compliance window opened from 1st July to 30th September, 2015.
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