638 declarations worth Rs 3770 Crore received under black money compliance window

New Delhi, Oct 1 (KNN) As many as 638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs 3770 crore under the Black Money (undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act).

These figures are subject to final reconciliation, stated the Ministry of Finance in a release today.

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 persons who have undisclosed foreign assets which they had not disclosed for the purposes of income tax so far.

The compliance window opened on 1st July, 2015 and closed on September 30, 2015.

The officer designated to receive the declarations worked till midnight on 30th September 2015. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter, said the ministry.

Tax at the rate of 30 percent and penalty at the rate of 30 percent is to be paid by the end of December 2015. (KNN Bureau)