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600 Declarations, Rs 2,428 Cr In Taxes Comes Through New Anti-Black Money Law

Thursday, January 07, 2016
By A Business Reporter

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 upto 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 upto December 31, 2015 is Rs 2,428.4 crore," the statement said.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."The shortfall is primarily on account of certain declarations in respect of which there was prior information under the provisions of Double Taxation Avoidance Agreements (DTAAs) and Tax Information Exchange Agreements (TIEAs) or receipt of payment (was made) after December 31, 2015," the statement said.The new law, called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force with effect from July 1, 2015. The Act provided for a one-time compliance window to declare assets held abroad and pay due taxes and penalty on the value of assets declared.

Overall Collection Rs 9.5 Lakh Cr In Taxes During Apr-Dec
The government has collected Rs 9.5 lakh crore in taxes during the April-December period of 2015-16, which is 66 per cent of the budget estimates (BE). The government in the budget for 2015-16 pegged tax collection (direct and indirect) at Rs 14.45 lakh crore. "The total tax revenue collected up to December this year is Rs 9.5 lakh crore, 66 per cent of the Budget Estimates," Revenue Secretary Hasmukh Adhia tweeted. The government had budgeted to collect Rs 7.97 lakh crore from direct taxes and Rs 6.47 lakh crore in indirect taxes in the current fiscal.

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