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Black Money Compliance Window In Offing

Tuesday, June 23, 2015
By A Business Reporter

Opportunity for those holding undeclared assets or black money abroad to voluntarily declare these to the taxman and come clean

The government is soon expected to notify a "small time" compliance window for those holding undeclared assets or black money abroad to voluntarily declare these to the taxman and come clean. PTI quoting sources said the window period could be notified by the end of this month or by early July and the time given could be as short as two months."A team of Central Board of Direct Taxes (CBDT) is working on the draft of the proposed compliance window. After vetting from the Department of Revenue it will be sent to the Finance Minister's office for final approval," the sources said, adding the window could be kept "as short as possible" as a 'trend analysis' of the subject has shown that the target audience for this special exercise would not be a very large base."The compliance window to declare overseas black money or unreported income is expected to be a short and quick affair. A two-month time period is being thought to be enough for the person wanting to avail the one-time facility and also for the taxman to process it," they said. Sources added the Finance Ministry is working to notify the compliance mechanism by the "end of this month or the first half of July."

It is also understood that the CBDT is in touch with the Special Investigation Team (SIT) on black money to decide the eligibility of seeking the compliance window help in those cases where the taxman and other enforcement agencies have deployed their scanner and started probe or issued notices based on some evidence.The CBDT and senior officials of the Income Tax department are also mulling to see if two-four nodal centres could be created for admitting such cases from across the country. "An opinion has been sought from the investigation and intelligence set up of the I-T department in this regard," they said.

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