Black money compliance window to end today

With the one-time black money declaring ‘compliance window’ coming to an end on Wednesday, the Income Tax department has asked its officials to ensure that interested entities are provided all help to make their declarations in this regard. 

The government has earlier announced that the 90-day window will close on September 30 even as it ruled out any extension in this regard.

“Officers may advise prospective declarant that the declarations in Form 6 can be filed either online or with the designated Commissioner office in New Delhi,” a latest advisory by the CBDT said.

While there are no official figures provided by the government for collections in this regard, sources said a “number of” declarations have been made to the tax department and they are expected to trickle till Wednesday midnight as the e-filing of such declarations is also enabled.

The Central Board of Direct Taxes (CBDT) has warned that all “consequences” of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds by the said deadline. 

“Tomorrow, if it is known that there is some wrong or no filing by a person holding black money, then the accountability rests with that person. If you do not use the (one time black money declaration) window, then we assume that you deliberately hid your foreign asset. When you avoid law then all consequences of law should follow...,” CBDT chairperson Anita Kapur had recently said.

She added that pro-confidentiality procedures have been put in place by the CBDT for people who want to avail this window before the September 30 deadline followed by payment of taxes and <g data-gr-id="20">penalty</g> before December 31.