Black Money – Domestic and International Efforts

‘No immunity for those who earned money through graft’

  1. Context: Finance Ministry’s FAQ on Income Declaration Scheme
  2. No immunity: Persons who have earned money through corrupt practices cannot take advantage of the domestic black money disclosure scheme
  3. Scheme: The four-month window which opens on June 1 provides an opportunity to people having undisclosed income to come clean by paying tax, penalty and surcharge totalling 45% of fair market value
  4. Confidential: The declarations made will remain confidential as in the case of return of income filed by an assessee
  1. Context: Finance Ministry’s FAQ on Income Declaration Scheme
  2. No immunity: Persons who have earned money through corrupt practices cannot take advantage of the domestic black money disclosure scheme
  3. Scheme: The four-month window which opens on June 1 provides an opportunity to people having undisclosed income to come clean by paying tax, penalty and surcharge totalling 45% of fair market value
  4. Confidential: The declarations made will remain confidential as in the case of return of income filed by an assessee
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