NEW DELHI: With the scheme for domestic black money holders to come clean by paying tax and penalty set to become operational from June 1, the Finance Ministry today asked public to seek clarifications on it by May 25.
The Income Declaration Scheme, 2016 provides opportunity to persons who have not paid full tax in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to 45 per cent of such undisclosed income so declared.
“The stake holders and general public are requested to bring out issues/points which in their opinion would require further clarification/guidance.
In his Budget speech, Finance Minister Arun Jaitley had said a four-month window would be provided for people to declare undisclosed income with an option to pay amount due within two months of declaration.
Disclosures made will be kept secret with addition of Sections 138 and 119 of the Income-tax Act in the scheme. (AGENCIES)
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