Declarations and payments made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015- regarding

www.taxxcel.com

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force with effect from 1st July, 2015. The Act provided for a one time compliance window to declare assets held abroad and pay due taxes and penalty on the value of assets declared.

A total of 644 declarations were made under the compliance window provided in the Act which closed on 30th September, 2015. The amount involved in these 644 declarations was 4,164 crores.

The declarants were liable to pay tax at the rate of 30 percent and a like amount of 30 percent by way of penalty on the value of assets declared, by 31st December, 2015. The amount received by way tax and penalty upto 31st December, 2015 is Rs 2,428.4 crores. The shortfall is primarily on account of certain declarations, in respect of which there was prior information under the provisions of Double Taxation Avoidance Agreements/Tax Information Exchange Agreements or receipt of payment after 31st December, 2015.

62 thoughts on “Declarations and payments made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015- regarding”

  1. When someone writes an piece of writing he/she keeps the idea of a user
    in his/her brain that how a user can be aware of
    it. So that’s why this post is perfect. Thanks!

  2. Hiya very nice site!! Guy .. Excellent .. Superb .. I will bookmark your site and
    take the feeds additionally? I’m glad to find so many helpful information right here within the publish, we want work out extra techniques in this regard,
    thanks for sharing. . . . . .

  3. Hello! I’m at work browsing your blog from my new apple iphone!
    Just wanted to say I love reading your blog and look forward
    to all your posts! Keep up the superb work!

  4. Does your website have a contact page? I’m having a tough time locating it but, I’d like to send
    you an email. I’ve got some suggestions for your blog you might be interested in hearing.
    Either way, great website and I look forward to seeing it grow over time.

  5. I am interested in this enlightening article. There are actually
    lots of things stated here I had never thought of before. You have made me realize there is more than one way
    to think regarding these things.

  6. This is very worthwhile, You’re a really skilled blogger.

    I have joined your feed and look forward to reading more
    of your superb post. Furthermore, I have shared your website
    in my social networks!

  7. I got this website from my friend who informed me about this web site
    and at the moment this time I am visiting this site
    and reading very informative content at this place.

  8. Wonderful beat ! I would like to apprentice while you amend your web site, how
    could i subscribe for a blog site? The account helped me a acceptable deal.
    I had been tiny bit acquainted of this your broadcast provided bright clear idea

  9. When someone writes an piece of writing he/she maintains the image of a
    user in his/her brain that how a user can understand it.
    Thus that’s why this piece of writing is amazing. Thanks!

  10. We are a group of volunteers and starting a new scheme in our community.
    Your web site provided us with valuable information to focus on. You
    have done an outstanding job and our whole community will be happy
    to you.

  11. I am not sure where you’re getting your info, but
    great topic. I needs to spend some time
    learning much more or understanding more. Thanks for magnificent info I was looking
    for this information for my mission.

  12. Excellent post. Keep posting such kind of info on your page.
    Im really impressed by it.
    Hi there, You’ve done a great job. I will definitely digg it and in my opinion recommend
    to my friends. I’m confident they will be benefited from this web site.

  13. I’m extremely pleased to find this web site.
    I wanted to thank you for ones time for this wonderful read!!

    I definitely appreciated every bit of it and I have you
    saved as a favorite to check out new stuff on your website.

  14. Hello there! Would you mind if I share your blog with my twitter group?
    There’s a lot of people that I think would really enjoy your content.
    Please let me know. Cheers

  15. I absolutely love your website.. Excellent colors & theme.
    Did you build this site yourself? Please reply back as I’m
    hoping to create my own website and want to know where you got this
    from or just what the theme is called. Thank you!

Leave a Reply

Your email address will not be published. Required fields are marked *