Are Illegal Foreign Assests of Indians as Low as Rs.3770 Cr?
The central government has provided a facility to people to disclose their foreign assets through one time compliance window. A span of 90 days ie., upto 30th September was earlier given to report undisclosed foreign assets. Government has now extended this time period till 31st December, said CBDT Chairperson Anitha Kapoor. As per this facility, if foreign assets are disclosed voluntarily, 60% value of the asset has to be paid in the form of penality and tax. Those who report their foreign assests post due date will have to pay 120 % value of asset in the form of penality and tax to the government.
About 638 persons responded through e-filing portal to the scheme announced by the government and the value of their foreign assets summed up to Rs.3,770 crores. The Central Board if Direct Taxation (CBDT) made an announcement regarding the same. It is known that PM Modi announced before and after elections that there is lakhs of crores of black money with Indians, which he said, will be acquired and Rs.15 lakh will be given to each person and used for development of the country. Doubts that ‘does this Rs.3,770 crore say that there is not one lakh crore of black money? ‘ are being raised. We have to wait for Modi government’s reaction over this.