The comment comes after suggestion made by SIT on black money to ban cash transactions of above Rs 3 lakh
Sources says move will nudge those holding illicit assets to come clean; Income Disclosure Scheme ends Sept 30
In the wake of the 'Panama Papers' leak, it also recommended amending the law to provide for confiscation by the state of such money abroad
The government has allowed payment of dues in three instalments by September 30, 2017
The first instalment of 25% of total tax, surcharge and penalty due will have to be paid by November 30, 2016, followed by a second tranche of an equivalent amount by March 31, 2017
To review high-profile tax evasion and money laundering probe cases
Says govt's activism against undisclosed money in the past two years has resulted into dip in illegal assets stashed abroad
Jaitley said action initiated by G-20 countries and technological intervention will lead to dip in illegal assets
The comments follow Finance Minister Arun Jaitley's meeting with industry associations, CAs and tax professionals
Jethmalani said Modi govt has failed to deliver on the promise of bringing back black money stashed abroad
In the wake of deposits held by Indians in Swiss banks dropping by 33 per cent, Revenue Secretary Hasmukh Adhia on Friday said the government was checking if any of the black money has been routed back to India.Noting the fall in money by Indians in Swiss banks as a positive, Adhia said the data indicated the government's steps to recover black money were in the right direction.At the same time, he observed, the government and the income tax (I-T) department are continuously working to detect black money and are making efforts to track down any such funds that have returned to India."If money has returned or routed back into India, we (government and agencies) are taking steps to track it," Adhia told reporters here.Money held by Indians in Swiss banks has fallen by nearly third to a record low of 1.2 billion francs (about Rs 8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland's banking system.The government might consider the industry demand of pay
Adhia said the Rs 13,000 crore of black money discovered in foreign accounts of Indians will be taxed at the rate of 120%
However, the deadline to disclose domestic black money won't be extended beyond September 30
Jaitley said any declaration made under the law will be protected
A second set of FAQs will be put up by the government to address some of the concerns that have arisen over provisions of the scheme
Modi yesterday asked people to declare their undisclosed income by Sept 30 and said it is their last chance
I-T department has already adopted a 4-pronged strategy to ensure success of the scheme
Prime Minister appealed to the people to take this opportunity and become a part of this transparent scheme
Valuers are registered with the IT department under the Wealth Tax Rules
Income Tax Department has asked its officers to make "all out efforts" to attract potential declarants under the domestic black money window by assuring them of confidential and hassle-free disclosures. In order to give wide publicity, the CBDT has also suggested putting up posters about the Income Declaration Scheme-2016, at places frequented by frequented by potential declarants, like club houses, posh markets, showrooms of high end products. The four-pronged strategy prepared by the CBDT for the success of the scheme, includes single point contact to ensure confidentiality, setting up of facilitation centres across the country, giving wide publicity and monitoring at the highest level. Finance Minister Arun Jaitley in Budget had announced a four-month window under the Income Declaration Scheme 2016. The scheme, which opened on June 1, allows domestic black money holders to declare ill-gotten wealth and come clean by paying a tax and penalty totalling 45 per cent. "All out ...