Black money compliance window to end tomorrow

Govt had earlier announced that the 90-day window will close on September 30

With the one-time black money declaring 'compliance window' coming to an end tomorrow, 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 declarants 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, the apex policy-making body of the I-T department, said.

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

The Central Board of Direct Taxes has earlier 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 told PTI.

She had also said that pro-confidentiality procedures have been put in place by the CBDT for those people who want to avail this window before the September 30 deadline followed by payment of taxes and penalty before December 31.

The black money (Undisclosed Foreign Income and Assets) and Imposition of Tax provides for tax and penalty of 120 per cent and jail term of up to 10 years for holding undisclosed foreign assets. It has also provided for a 90-day compliance window to escape the harsh punishment by declaring the assets and paying 60 per cent tax and penalty.

The Finance Ministry has also issued two separate sets of Frequently Asked Questions (FAQs) on the compliance window till now.