Black Money – Domestic and International Efforts

A chance for tax evaders to come clean

  1. Context: The govt’s commitment to remove black money from the economy
  2. News: The govt has decided to open a one-time, 4-month compliance window for domestic black money-holders
  3. It is intended to help them come clean by paying tax and penalty of 45%
  4. Benefits: There will be no scrutiny of money declared, either under the Income-Tax Act or the Wealth Tax Act
  5. The declarants will have immunity from prosecution
  6. The IT dept. has improved its capability to detect evasion with increased access to information and the availability of technology-driven analytical tools to process such information

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