The CBDT is understood to be 'seriously considering' recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme announced in 1996 to tap funds lying abroad for productive use in India.
A senior Central Board of Direct Taxes official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years.
Sukumar Mukhopadhyay, former member, Central Board of Excise and Customs, and Govindrao Adik, MP and General Secretary, NCP, debate the pros and cons of offering amnesty to tax evaders.
he government will allow holders of black money abroad to declare their wealth.
The government on Friday said there was no proposal to bring amnesty scheme for declaring undisclosed income.
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
Assets worth only Rs 4,000 cr declared till mid-August; govt expects pick-up in last 2 weeks
The amnesty scheme is a 'practical and pragmatic' approach to bring back the black money stashed abroad, the chairman of Assocham's Legal Affairs Council R K Handoo said on the sidelines of the release of a study on black money in New Delhi on Friday.
Experts say only three per cent individuals pay taxes.
The focus on Swachh Bharat has sharpened with Prime Minister Modi asking ministers to show the outcomes of schemes launched since the NDA government came to power
That "Rollback Budget" ushered in an era of rollback.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
.jpg)
As of September, account for bulk of applications for availing of the government's amnesty scheme.
'How do we explain that on the economic, internal security and strategic fronts, India's unstable coalitions have acted more decisively and boldly than all our full-majority governments yet?' asks Shekhar Gupta.
In the first of a three-part series Paranjoy Guha Thakurta details the salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015.
Before Lok Sabha and Rajya Sabha was proceedings were disrupted by a relentless Opposition over the demonetisation issue, other topics such as compensation for military personnel, counterfeit notes were spoken of. Here's what happened in Parliament.
Venkaiah Naidu said 'let there be a discussion... November 8 is a historic day'.
Finance Minister Arun Jaitley said the inflation index would determine the nominal growth figure, and it is better to set modest targets and outperform them.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances