India
Black Money Disclosure Window
The 4-month
disclosure window giving an opportunity to domestic black money holders to come
clean by paying tax and penalty of 45% on such assets will open on June 1,
2016.
People who have
made money via corrupt means will not be allowed to take advantage of the
window.
Under the Income
Declaration Scheme, persons making disclosure of unaccounted assets will be
given time up to November 30, 2016 to pay taxes, penalty and surcharge
totalling 45% at the fair market value.
The finance
ministry officials have also held an online 'talkathon' to create awareness
about it.
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