‘Seek clarification on black money scheme by May 25’

With the scheme for domestic black money holders to come clean by paying tax and penalty set to become operational from June 1, the Finance Ministry on Thursday asked public to seek clarifications on it by May 25. The Income Declaration Scheme, 2016 provides opportunity to persons who have not paid full tax in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to 45 per cent of such undisclosed income so declared. In his Budget speech, FM Jaitley had said a four-month window would be provided for people to declare undisclosed income with an option to pay amount due within two months of declaration.