New black money window not total amnesty scheme: CBDT
The new one-time compliance window for domestic black money holders is not a “total amnesty” scheme, the Central Board of Direct Taxes (CBDT) said on Tuesday, making it clear that declarations under it will enjoy immunity from prosecution, except under the anti-corruption law, anti-narcotics act and a few other legislations.
CBDT chairman, Atulesh Jindal said the idea is “to cover those cases which have remained undetected so far” and thereby giving a chance to such people to come clean, while also paying taxes with surcharge and penalty. He said the new scheme cannot be called a “total amnesty” opportunity as it is for a “limited period” of time and declarants will stand to pay penalty and surcharge on the tax evaded. “World over, this type of compliance window is given to taxpayers. It is a normal phenomenon all over the world,” he said.