Finance Minister Jaitley: Pay 45% tax on black money by 30 September

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Union Finance Minister Arun Jaitley has said that people with black money needed to legitimise it and for that 30 September was the last date.

He said, “The compliance window is open for people with undisclosed income to legitimise it by paying 45% tax between 1 June – 30 September. Any declaration made under this law(Income Declaration Scheme ’16) is protected, that information won’t be shared with any other authority.”

This comes a day after Prime Minister Narendra said that his government was in the midst of devising stringent laws to tackle the menace of black money in the country.

 

1 COMMENT

  1. Modi warns “crack down on tax evaders”. Meaning put tax evaders in police custody. Police seems to be the only solution for all offences. Forged certificate holders, forged toppers of public examinations, rapists, juvenile delinquents, teachers beating school kids, thieves, swindlers, and even prostitutes. Do Indian prisons or is it comically called “Correction Center” (?) have so much space to house offenders? It is tempting to ask- don’t the decision makers, intellectuals, public figures, educationists, and media houses have the honesty and courage to declare that policing can’t be the solution to all the problems. Don’t they have the vision to realize that it is the wretched schooling based on scavenging on Anglo-American left overs and marginalizing India’s original values that is nibbling the inner fabric of the nation. These are just the symptoms not the cause. If argument is posed- what does the tax payer get in return of the money they pay to the Government? After all money is a medium of exchange. Government itself has acknowledged that 83% of Government revenue is stolen by the system. Why then a conscientious tax payer should pay tax knowing it will be stolen?

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