Black money: Compliance window for voluntary declaration to be out soon

For those who are still holding undeclared assets or have stashed black money in the safe havens of Switzerland, the government is soon expected to notify a “small time” compliance window to give another chance to these tax evaders so that they can come out clean.

Sources told PTI that the window period could be notified by the end of this month or by early July and the time given could be as short as two months. According to the sources, "A team of Central Board of Direct Taxes (CBDT) is working on the draft of the proposed compliance window. After vetting from the Department of Revenue it will be sent to the Finance Minister's office for final approval."

A 'trend analysis' of the subject has revealed that the target audience for this special exercise would not be a very large base, therefore, the window could be kept "as short as possible," sources added.

"The compliance window to declare overseas black money or unreported income is expected to be a short and quick affair. A two-month time period is being thought to be enough for the person wanting to avail the one-time facility and also for the taxman to process it," they said. (Image: The Times of India)