Warning black money holders of “serious trouble” if they fail to come clean, Finance Minister Arun Jaitley on Monday said people with undisclosed assets should use the limited period income declaration window, beginning Wednesday, if they want to “sleep well”.
The four-month window under the Income Declaration Scheme 2016, which opens on June 1, allows domestic black money holders to declare their ill-gotten wealth by paying a tax and penalty totaling 45 per cent.
“Starting from day after tomorrow, the new window opens and I will advise all those who have any undisclosed asset to declare it and pay the tax and sleep well.
Otherwise, the way the disclosures are becoming more and more public, they will run into serious trouble,” Jaitley told PTI in an interview here.
Jaitley, who is on a six-day trip to Japan to invite investments, said the compliance window is open to not only the companies but also the people having undisclosed income.