Centre opens another window to allow tax defaulters come out clean

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Arun Jaitley outside Parliament
Arun Jaitley outside Parliament

New Delhi : Declare your undisclosed income by December 30 at an income tax of 50% with no penalty, not doing so and getting caught in future will leave you with no money and deep regrets.

Giving another window of hope to tax defaulters in India, the centre on Monday introduced a Bill in the Lok Sabha that gives tax defaulters an opportunity to come clean by paying tax and penalties.

In a small time offer, tax defaulters can voluntarily declare their undisclosed income by paying a simple 50% tax, following which 82.5% tax will be levied on undeclared income detected by authorities.

ALSO READ: Income Tax amendment Bill tabled in Lok Sabha - key takeaways 

“In the wake of declaring specified bank notes “as not legal tender”, there have been suggestions from experts that instead of allowing people to find illegal ways of converting their black money into black again, the Government should give them an opportunity to pay taxes with heavy penalty and allow them to come clean,” the government said, explaining the rationale for the proposed tax law change.

So, here is your chance to go legal with illegal money and stay away from all dirty hassles.