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FM asks tax evaders to come clean by Sept 30

Compliance window will be open from June 1 to September 30

Policy Pulse
Publish Date: Jun 29 2016 9:14AM | Updated Date: Jun 29 2016 9:14AM

FM asks tax evaders to come clean by Sept 30

 Urging black money holders to come clean by September 30, Union Finance Minister Arun Jaitley has promised that information shared during the one-time compliance window for domestic holders of unrevealed income will not be shared with any authority.

 
During his meeting with industry groups, chartered accountants and tax professionals, the minister made it clear that the scheme will not be extended. 
 
Jaitley also urge those with undisclosed income to take advantage of the one-time compliance window. 
 
In the 2016-17 Budget, Centre came out with a new scheme to tackle domestic black money asking those with unrevealed income to pay tax, surcharge and penalty that add up to 45 per cent of the hidden income. 
 
Compliance window will be open from June 1 to September 30.