NEW DELHI: The four-month window for declaring domestic blackmoney will open on June 1 and those opting to come clean by paying 45 per cent tax and penalty will not be subject to scrutiny and enquiry by tax department.
The Income Declaration Scheme 2016 will remain in force till September 30 for filing of declarations and payments towards taxes, surcharge and penalty must be made latest by November 30, the Finance Ministry said in a release.
“No scrutiny and enquiry under the Income-tax Act or the Wealth tax Act (no abolished) shall be undertaken in respect of such declarations.
“Immunity from prosecution under the Income-tax Act and Wealth Tax Act is also provided along with immunity from the Benami Transactions (Prohibition) Act, 1988 subject to transfer of asset to actual owner within the period specified in the Rules,” it said. (AGENCIES)
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