Black Money: Four-month disclosure window opens today

The Income Declaration Scheme, seeking to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare undisclosed incomes, will open on Wednesday and will remain in force until September 30.

According to reports, the four-month disclosure window will provide an opportunity to domestic black money holders to come clean by paying tax and penalty of 45% on undisclosed assets.

People who have made money through corrupt means will not be allowed to take advantage of this scheme.

Under the scheme, persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes, penalty and surcharge totalling 45% at the fair market value.

The declarations can be filed online or with the jurisdictional Principal Commissioners of Income-tax across the country

Non-declaration of undisclosed income will render such income liable to tax in the previous year in which it is detected by the Income-tax Department along with other penal consequences.