Black money window: FM Jaitley to meet industry chambers, CAs


Union Finance Minister will meet industry chambers, Chartered Accountants, and other professionals over the four-month window provided to holders of undeclared wealth to come clean.

According to reports, the Finance Minister will clear doubts about the four-month window provided to domestic blackmoney holders to pay their taxes and escape harsher penalties.

The Income Tax Department has already adopted a four-pronged strategy to ensure success of the scheme.

Prime Minister had earlier warned the holders to take advantage of the scheme or face action.

This comes after the Prime Minister during his ‘Mann ki Baat’ address asked people to declare their undisclosed income by September 30, making clear that this is the last chance to avoid problems that will follow after the window of opportunity closes.

“It will be better that you take advantage of the window provided and save yourself from the difficulties that you can face after September 30,” he said.

The four-pronged strategy prepared by the for the success of the scheme, includes single point contact to ensure confidentiality, setting up of facilitation centres across the country, giving wide publicity and monitoring at the highest.

The scheme, which came into force on June 1, allows domestic black money holders to declare ill-gotten wealth and come clean by paying a tax and penalty totalling 45%.

Finance Minister Jaitley in his speech had announced a four-month window to declare black under the Income Declaration Scheme (IDS) 2016.