New Delhi, JAN 6: Tax authorities have received ₹ 2,428.4 crore under the new black money law despite receiving declarations worth ₹ 4,164 crore.
“A total of 644 declarations have been made under the compliance window provided in the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which closed on 30th September, 2015. The amount involved in these 644 declarations was 4,164 crores,” the Central Board of Direct Taxes said on Wednesday.
“The shortfall is primarily on account of certain declarations for which there was prior information under the Double Taxation Avoidance Agreements and Tax Information Exchange Agreements or receipt of payment after 31st December, 2015,” it said.
“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,” it said.
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