Black Money Whitener: Income Tax Department Has Help Online

21/07/2015 3:20 PM IST | Updated 15/07/2016 8:25 AM IST
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NEW DELHI -- Perhaps for the first time in its history, the Income Tax department is looking to help tax offenders.

A visit to the income tax department's website now shows a link that allows those willing to own up to money hidden from the tax authorities to fill a form, pay a 30% tax and a fine, and then be poorer, but at peace.

"The relevant 'Form 6' can be used to declare undisclosed assets under the compliance window of the new anti-black money law," a senior official told PTI. However, to pay online one needs to digitally sign the forms and by September 30.

For those who want to manually file such a declaration, the Central Board of Direct Taxes (CBDT), apex policy making body of the tax department, has already notified a Commissioner of I-T in the national capital for the same.

The compliance window is part of the new anti-black money law that was passed by Parliament in May.

Those holding illegal foreign assets abroad and not disclosing it by September 30 will have to face action under stringent anti-money laundering laws, the taxman has warned.

The department, in a public advertisement brought out yesterday in national dailies, had said people not disclosing illegal foreign assets will be "liable for tax and penalty totalling 120 per cent of the value of undisclosed asset, rigorous imprisonment up to 10 years and action under Prevention of Money Laundering Act."

In 1998, the Vajpayee government had unveiled a similar but largely-unsuccessful scheme that gave amnesty to those willing to declare dubious assets.

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