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The finance ministry on Thursday came out with fourth set of clarification regarding declaration of undisclosed income and assets. In a clarification circular issued in the finance ministry says a person declaring Rs100 as undisclosed income will be liable to pay tax at a rate of 45 percent, ie, Rs 45.
Hence, the balance amount remaining with the declarant will be Rs55 and will be considered as ‘white money’ or ‘legal money in the system’.
“To get immunity under the Scheme in respect of the entire undisclosed income of Rs.145 lakh (Rs.100 lakh being undisclosed income represented by immovable property and Rs.45 lakh being the payment made from undisclosed income) and pay tax, surcharge and penalty under the Scheme amounting to Rs.65.25 lakh i.e., 45 per cent of Rs. 145 lakh,” the ministry statement said.
The above ministry statement means that if the person declares Rs 100 as his undisclosed income and pays 45 percent or Rs 45 out of his other funds that is already declared, he cannot claim the entire Rs100 as ‘white money’. Then, the Income Tax authorities, will add up Rs100 and Rs45, ie, Rs 145 and the declarant has to pay Rs 65.25 as tax to get amnesty under the scheme.
Finance ministry announces tax rates to make black money white -The New Indian Express
Hence, the balance amount remaining with the declarant will be Rs55 and will be considered as ‘white money’ or ‘legal money in the system’.
“To get immunity under the Scheme in respect of the entire undisclosed income of Rs.145 lakh (Rs.100 lakh being undisclosed income represented by immovable property and Rs.45 lakh being the payment made from undisclosed income) and pay tax, surcharge and penalty under the Scheme amounting to Rs.65.25 lakh i.e., 45 per cent of Rs. 145 lakh,” the ministry statement said.
The above ministry statement means that if the person declares Rs 100 as his undisclosed income and pays 45 percent or Rs 45 out of his other funds that is already declared, he cannot claim the entire Rs100 as ‘white money’. Then, the Income Tax authorities, will add up Rs100 and Rs45, ie, Rs 145 and the declarant has to pay Rs 65.25 as tax to get amnesty under the scheme.
Finance ministry announces tax rates to make black money white -The New Indian Express
