Citizens' Issues
Jaitley announces amnesty scheme on black money
New Delhi : Union Finance Minister Arun Jaitley on Monday announced a new amnesty scheme for those holding unaccounted money and assets to come clean by paying 45 percent of such wealth.
 
The government offers a compliance window to domestic tax payers to declare their past transgressions and come clean by paying 45 percent of the undisclosed income and assets (tax 30 percent, surcharge 7.5 percent and penalty 7.5 percent), Jaitley said while presenting the 2016-17 general budget in parliament.
 
"We plan to open the window under this Income Disclosure Scheme from June 1 to September 30, 2016, with an option to pay the due amount within two months of the declaration," the finance minister said.
 
Regarding the income shown in these declarations, there will be no scrutiny or enquiry under the Income Tax Act or the Wealth Tax Act and the declarants will have immunity from prosecution, Jaitley said.
 
Immunity from Benami Transaction (Prohibition) Act, 1988 is also proposed, subject to certain conditions.
 
The minister said after offering an opportunity to declare the concealed income, the government will focus all its resources on bringing people with black money to book.
 
"This shows that the government has launched a two-pronged attack on domestic black money - one by curbing the generation of black money, and second, by asking domestic tax evader to come clean by disclosing their undisclosed income and assets," Suraj Nangia, partner, Nangia & Co., told IANS.
 
He said the government is tackling the menace of domestic black money by effecting changes in rules to discourage cash transactions, compulsory reporting of Permanent Account Number and others.
 
The new amnesty scheme is yet another constructive step to kill the menace of domestic black money, Nangia added.
 
The 7.5 percent surcharge on the undisclosed income will be called Krishi Kalyan surcharge, which will be used for agriculture and rural economy.
 
Last October, the government said it had received 638 declarations regarding undisclosed foreign assets amounting to Rs.3,770 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act). 
 
Thirty percent tax and as much penalty was to be paid by December 31, 2015. The compliance window that opened on July 1, 2015, closed on September 30, 2015.
 
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad. 
 
The Act also provided for a compliance window for a limited period to people who have undisclosed foreign assets which they had not disclosed for the purposes of income tax so far.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Subramani P K

2 years ago

Unless drastic steps are taken just like raid by high level anti corruption agencies,arrest of the culprits, confiscate the unaccounted wealth and stringent punishment bringing out black money is a very difficult task. Without fear or favour immediate action should be taken to organize raids by ED, IT & other agencies as done in the case of Karthi chithambaram.

Luxury cars to become costlier
New Delhi : Union Finance Minister Arun Jaitley here on Monday announced that an additional 1 percent tax will be imposed on cars valued at above Rs.10 lakh.
 
“I also propose to collect tax at source at the rate of 1 percent on purchase of luxury cars exceeding value of Rs.10 lakh,” Jaitley said while presenting the national budget for 2016-17 in the Lok Sabha.
 
“I propose to levy an infrastructure cess, of 1 percent on small petrol, LPG, CNG cars, 2.5 percent on diesel cars of certain capacity and 4 percent on other higher engine capacity vehicles and SUVs,” Jaitle said while expressing the government's concern over pollution and traffic situation in cities.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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No hard copies of budget, government goes the green way
New Delhi : Going the green way, the central government decided not to hand out hard copies of General Budget 2016-17 on Monday, making a departure from tradition.
 
The general budget, an exhaustive document, was handed over to journalists in the parliament building from designated counters every year after it was presented in the Lok Sabha.
 
This year, however, the government decided not to give copies to journalists as part of its bid to go green and save trees.
 
The general budget runs into hundreds of pages, and has several booklets including the details of allocations to different ministries, plan and revenue expenditure and other financial details.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Sunil Rebello

2 years ago

Going Green will save our Planet for our children.

Hope all follow the Green way.
some companies still send their Annual Reports in hard copies.

when will they and SEBI learn.

we should have a government on line. this will transform India. to no 1 in the world.

vswami

2 years ago

OFFHAND
Nothing to be complained of or grieved about ; with hundreds of pages and numerous booklets annexed,certainly too heavy (not worth its weight), to deserve free distribution of hard copy. In retrospect,decision not to, stands comparison to what happened likewise to circulation of hard copy of company annual audited accounts and audit report, to members.
No clue whether the govt., in the result,thereby wisely saved any cost to the exchequer!

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