New Delhi: The one-time compliance window provided to undisclosed foreign asset holders to come clean under the black money law is not a revenue mobilisation exercise, Revenue Secretary Shaktikanta Das has said.
"Compliance window is not meant to be a revenue mobilisation measure. It is the last opportunity for those having undeclared assets abroad to come clean," Das told PTI, when asked how much the government is targeting to collect from the disclosures.
He did not comment on the amount the government expects during the 90-day voluntary disclosure window.
Another official said the government has not put any target for unearthing black money during this period. "Lets see how it goes. We don't want 'x' amount of money to come as taxes or 'y' amount to be disclosed. This is an exercise to weed out black money. We will see how it progresses."
The government will provide clarifications if it is felt during the course of the compliance window that there are any doubts on any of the provisions, the official said.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which came into effect from July 1, provides for a 90-day compliance window under which persons having undisclosed foreign assets and income can come clean by declaring them and paying a total of 60 per cent tax and penalty.
Those disclosing assets and income within the compliance window, which expires on September 30, has to pay tax and penalty by December 31, 2015.
In case they do not declare their overseas assets, they will be liable to pay tax and penalty of 120 per cent and face jail term.
While the declaration can be either filed physically or electronically, the revenue department has said that those who received tax notices up to June 30 cannot take advantage of the compliance window.
The rules said all deposits made in an undisclosed overseas bank account since opening will be clubbed while assets like immovable property, shares and jewellery will be valued at fair market price for levy of tax and penalty under the new black money law.
It also said that Indians against whom information has been received from foreign nations on overseas accounts or assets will not be able to file declaration under the window.
