Black money: Govt gets over Rs 16-cr tax, fine till Nov 26

MoS for Finance Jayant Sinha, in a written reply to a question in the Rajya Sabha, had on Tuesday stated that in all, 635 declarations worth Rs 4,160 crore of illegal wealth were made in the three-month compliance window, which ended on September 30.

“An amount of Rs 16.69 crore has been collected as tax and penalty up to November 26, 2015,” Sinha said in the reply, which was released to media on Wednesday.

The one-time window provided an opportunity to foreign assets holders to declare such assets, pay a total of 60 per cent tax and penalty and escape stringent provisions of the new black money law. The taxes and penalty have to be paid by December 31, 2015.

To a reply to A W Rabi Bernard's (AIADMK) query on whether lack of trust with respect to keeping the information confidential, valuation rules and insufficient time given to tax payers led to poor response, Sinha said: “Inference of poor response does not appear to emanate out of the available facts.”