Black money compliance window: Income Tax creates special office in Delhi

The Income Tax department has set up a special office in the national capital for those wanting to utilize the recently notified one-time black money compliance window and declare their untaxed assets.

The Central Board of Direct Taxes (CBDT), the apex policy making body of the I-T department, has posted an officer with the rank of Senior Commissioner to handle all the applications and process the declarations made in this regard to the department, sources said.

The Commissioner of Income Tax (International Tax)-2, has been designated to receive the declarations, a government notification said.

"As of now, there will be only one office and a Senior Commissioner rank officer to handle these applications. If it is felt that more officers are required some more officials would be deputed," they said.

The CBDT has recently notified the three-month compliance window beginning July 1. The tax and penalty on such funds can be paid till December 31.

Those availing the one-time 'compliance window' would be required to pay a tax of 30% and a penalty of a similar amount.

The compliance window is part of the new anti-black money law that was passed by Parliament in May and notified on May 26 after the President's assent.

Undisclosed overseas assets such as immovable property, jewelery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new act.