Those not declaring undisclosed assets will be penalised: Jaitley

Finance Minister Arun Jaitley on Thursday said that the compliance window under black money being over last night, the assessing officers will make assessments of all the new returns, adding that penal provisions will be made applicable against those who have not made declarations of the undisclosed assets.

"Last night the time for compliance window under the black money law approved by Parliament came to an end. About 638 people have made declarations of undisclosed assets abroad amounting to about Rs. 3,770 crores. This is over and above the Rs. 6,500 crores which were disclosed in the earlier accounts which were already known to the government where tax proceedings have been going on," Jaitley told exclusively to ANI.

"Now, that the compliance window is over, the assessing officers will make assessment of all these new returns and these people will be assessed as per the law. But, if there are others who have not made the declarations and against whom the evidences are found in future date, then the more penal provisions of the law will made applicable to them," he added.

Central Board of Direct Taxes (CBDT) chairperson Anita Kapur earlier said that 638 declarations were made amounting to Rs. 3,770 crore by midnight of September 30, which ended the one-time compliance window for black money disclosures.