As an expression of intent to fight the growing menace of black money both abroad and inside the country, the government has directed the Income Tax (IT) department to take steps to unearth domestic black money, while keeping a close watch on ponzi schemes, bogus IPOs and other such illegal means of raising money.
The government wants officers to be very alert on sensing any trace of any kind of ponzi schemes and has directed that to be reported to the respective regulatory agencies whether at state level or Reserve Bank level, besides wanting them to take deterrent action or effective action from tax point of view.
Notably, a number of initiatives have been taken to unearth domestic black money, with the latest one being the passage of black Money bill in Lok Sabha. Under the proposed law, there would be a short compliance window within which people with undisclosed income abroad can come clean by paying 30% tax and 30% penalty. A time-frame will be provided as a compliance window.
Further with regards to HSBC black money list, Revenue Secretary Shaktikanta Das asserted that all the assessments which were required to be completed before March 31 have been completed thanks to international cooperation and initiative taken by the government in the recent months.
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