People who have black money need to legitimate it by September 30 says Union Finance Minister Arun Jaitley
New Delhi, June 28: Union Finance Minister Arun Jaitley on Tuesday said the people who have black money need to legitimate it and for that September 30 is the last date.
Addressing the reporters after the meeting with industry associations and discussions over the four-month window of Income Disclosure Scheme ( IDS), the minister said, “Any declaration made under this law (Income Declaration Scheme ’16) is protected, that info won’t be shared with any other authority.”
“The compliance window is open for people with undisclosed income to legitimize it by paying 45 percent tax between June one to September 30th,” added the minister.
The meeting was held by the finance minister to explain provisions of the one-time compliance window provided to domestic black money holders to pay their taxes and escape harsher penalties.
The scheme, which was announced in the Union Budget for 2016-17, became operational on June 1.
It allows domestic black money holders to declare unaccounted wealth and come clean by paying a tax and penalty of 45 per cent.
The government has said that there will be no inquiry into the source of the undisclosed income and assets if declaration is made voluntarily.
Delivering a strong message to the defaulters, Prime Minister Narendra Modi earlier this week asked them not to evade taxes and come clean by September 30.
“Don’t evade taxes and come clean by September 30. There will be no leniency after September 30 against defaulters,” he said in the 29th edition of his ‘ Mann ki Baat’ radio programme.