Around 638 applicants have revealed their undisclosed foreign assets in a one-time compliance window which closed on Wednesday. A whopping amount of 3,770 crores has been gathered during a span of three months: July 1, 2015, to September 30, 2015.
Reportedly, a huge rush was noticed on the last day of filing the black money. An official statement by the finance ministry read, “The officer designated to receive the declarations worked till midnight on September 30, 2015. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter.”
It was the last opportunity for the residents to reveal the black money before the new law could its course in April. Under the new law, the Central Board of Direct Taxes (CBDT) has assured strict action in which the person can be jailed for almost 10 years and heavy penalty will be imposed.
Applicants from far places came to New Delhi to file their hidden income under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. However, some analysts have called the response to be unenthusiastic. A penalty and tax of 30 percent each has been imposed which has to be paid by December 31, 2015.
While talking to a leading agency ANI, the chairperson of CBDT, Anita Kapur said, “From our side, everything was done to ensure that people who wanted to declare the assets, they are facilitated in declaring the assets. It is for the persons who have assets abroad, and their conduct is not under our control, to take advantage or to ignore the opportunity.”
Post the proclamation regarding the black money collected, the blame game between the political parties began. Congress chief spokesman Randeep Surjewala took a dig at Narendra Modi and talked about his failure by repeating Modi’s statement regarding the existence of more than 80 lakh crore as black money and his assurance of getting it back within 100 days.