No prosecution under new black money disclosure scheme

Revenue Secretary Hasmukh Adhia. File photo

With the Taxation Laws Second Amendment Bill getting President Pranab Mukherjee's assent, the Centre on Friday launched a new black money disclosure scheme with an assurance that information on such declarations “will not to be used for prosecution”.

However, receipt of tax paid on deposits would have to be shown to avail the scheme’s benefits including immunity from prosecution, Revenue Secretary Hasmukh Adhia said. The scheme opens on Saturday and ends on March 31, 2017.

Dr. Adhia said disclosures under the new scheme would attract 50 per cent tax and penalty.

He said the government was collecting information on deposits in dormant and Jan Dhan accounts on a daily basis and that raids to recover unaccounted old, new currency were on.


A new email ID has been created for public to give information on black money to tax authorities, Dr. Adhia said.

Source:The Hindu