The central has announced its amnesty scheme for declaring domestic black money would start from june 1st. Individuals willing to declare their black money in the country will have to pay tax and a penalty, totaling 45 per cent, to come clean. It will remain in force till 30th of September.
The declarations can be filed online or with the Principal Commissioners of Income-tax. The scheme is part of Finance Act, 2016 which seeks to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare their undisclosed incomes.
As per the scheme, income as declared by the eligible persons, would be taxed at the rate of 30 per cent plus a ‘Krishi Kalyan Cess’ of 25 % on the taxes payable and a penalty at the rate of 25 % of the taxes payable, thereby totaling to 45 % of the income declared under the scheme.
So let’s discuss some questions related to this post :
1. The ‘Dhan wapsi’ Income Declaration Scheme for domestic black money will commence from ?
2. From now, Individuals who are willing to declare their black money in the country will have to pay tax and a penalty of totaling how much % to come clean ?
Courtesy : Business Standard