Black money window: Jaitley to meet industry chambers, CAs today
June 28, 2016 08:13
Finance Minister Arun Jaitley will meet industry associations today to clear doubts about the four-month window provided to holders of undeclared wealth to come clean.
This will be the first such meeting the finance minister will hold to explain provisions as well as clear misgivings about the one-time compliance window provided to domestic blackmoney holders to pay their taxes and escape harsher penalties.
The I-T department has already adopted a 4-pronged strategy to ensure success of the scheme.
Prime Minister Narendra Modi had on Monday warned the black money holders to take advantage of the scheme or face action.
To let the domestic black money holders declare come clean, Jaitley had in Budget had announced a four-month window under the Income Declaration Scheme (IDS) 2016.
The scheme, which opened on June 1, allows domestic black money holders to declare ill-gotten wealth and come clean by paying a tax and penalty totalling 45 per cent.
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