IT Department to catch black money holders after September 30 ( 90 days Grace period given )
Under our Prime Minister Narendra Modi, Black Money are under serious scrutinization.
CBDT Chairman Anita Kapoor said, ” Grace period of 90 days is going to be over on September 30. Afterwards any person found holding black money or un-disclosed property outside India will be punishable by offence and heavy penalty may be levied. There could be chance of Government seizing the property for undisclosed property found outside India.
Strict Campaign will run on top and all suspected Business people and other non-business people like Politicians, Celebrity, etc.,
CBDT Board has open selective window for people to come and disclose their illegal property and this window will remain open for 90 days until 31st December, 2015. Within these time-frame , people can come and pay their corresponded taxes . People who will disclose their property within these time frame will not be tortured . After paying taxes for given amount, they can be relived, but if any person found afterwards will have to undergo deep scrutinization and on found guilty will be punishable by offence.
CBDT Chairman Anita Kapoor said, “If you were found guilty on holding illegal assets, than you will be responsible yourself for your act.
CBDT Chairman Anita Kapoor made sure, Income Tax department makes best communication mechanism in Domestically and Internationally for illegal assets or black money holder. Best communication mechanism can also help country to catch the evil group persons who are trying to deceive the people and still trying to hide the money from Government and Income tax (IT) Department.
Few Years back, Wikileak leaked Black money holders from India . Also below are steps taken by Modi government on action against black money holders.