FM Jaitley to meet industry bodies on black money today


Union Finance Minister Arun Jaitley will today meet industry chambers, Chartered Accountants, and other professionals over the four-month window provided to holders of undeclared wealth to come clean.

According to reports, the Finance Minister will clear doubts about the four-month window provided to domestic blackmoney holders to pay their taxes and escape harsher penalties.

The Income Tax Department has already adopted a four-pronged strategy to ensure success of the scheme.

Prime Minister Narendra Modi had earlier warned the black money holders to take advantage of the scheme or face action.

This comes after the Prime Minister during his ‘Mann ki Baat’ address asked people to declare their undisclosed income by September 30, making it clear that this is the last chance to avoid problems that will follow after the window of opportunity closes.

“It will be better that you take advantage of the window provided and save yourself from the difficulties that you can face after September 30,” he said.

The four-pronged strategy prepared by the CBDT for the success of the scheme, includes single point contact to ensure confidentiality, setting up of facilitation centres across the country, giving wide publicity and monitoring at the highest.

The scheme, which came into force on June 1, allows domestic black money holders to declare ill-gotten wealth and come clean by paying a tax and penalty totaling 45%.

Jaitley in his Budget speech had announced a four-month window to declare black under the Income Declaration Scheme (IDS) 2016.

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