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Govt collects Rs 2,428-cr tax

By The Assam Tribune
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NEW DELHI, Jan 6 - The Government has collected a total of Rs 2,428.4 crore in taxes after over 600 declarations were made by stash holders to the Income Tax Department under the one-time black money compliance window that ended last year.

The Central Board of Direct Taxes, in a statement, said this amount was received by it by way of tax and penalty up to December 31.

There was a �shortfall� in collections under this category as in some cases there was prior information with the taxman which led to the disqualification of the declarations while some payments had come post the December deadline, it said.

�A total of 644 declarations were made under the compliance window provided in the Act (new anti-black money law) which closed on September 30, 2015. The amount involved in these 644 declarations was Rs 4,164 crore.

�The declarants were liable to pay tax at the rate of 30 per cent and a like amount of 30 per cent by way of penalty on the value of assets declared by December 31, 2015. The amount received by way of tax and penalty up to December 31, 2015 is Rs 2,428.4 crore,� the statement added.

Officials said there could be a chance that these figures could be further �reconciled� and collections may slightly go up as those payments could be added which came post the designated deadline of December 31.

In some cases, under the 644 declarations of this one-time window, the Department had rejected the undertakings stating that it had prior information about the individuals or entities involved through official channels and they cannot take this route to claim lesser punishment. � PTI

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Govt collects Rs 2,428-cr tax

NEW DELHI, Jan 6 - The Government has collected a total of Rs 2,428.4 crore in taxes after over 600 declarations were made by stash holders to the Income Tax Department under the one-time black money compliance window that ended last year.

The Central Board of Direct Taxes, in a statement, said this amount was received by it by way of tax and penalty up to December 31.

There was a �shortfall� in collections under this category as in some cases there was prior information with the taxman which led to the disqualification of the declarations while some payments had come post the December deadline, it said.

�A total of 644 declarations were made under the compliance window provided in the Act (new anti-black money law) which closed on September 30, 2015. The amount involved in these 644 declarations was Rs 4,164 crore.

�The declarants were liable to pay tax at the rate of 30 per cent and a like amount of 30 per cent by way of penalty on the value of assets declared by December 31, 2015. The amount received by way of tax and penalty up to December 31, 2015 is Rs 2,428.4 crore,� the statement added.

Officials said there could be a chance that these figures could be further �reconciled� and collections may slightly go up as those payments could be added which came post the designated deadline of December 31.

In some cases, under the 644 declarations of this one-time window, the Department had rejected the undertakings stating that it had prior information about the individuals or entities involved through official channels and they cannot take this route to claim lesser punishment. � PTI

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