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Good news for black money holders!

Thu, Jul 14, 2016, 04:39 PM
Good news for black money holders. The Union Finance Ministry has told the holders of black money that they could simply disclose the amounts they had concealed and then pay the fine and Income-tax in installments. Thus they could turn their black money into white.

This is in addition to the ongoing voluntary disclosure scheme.

Now the black money holders can pay fine and tax in three installments. They will have to just pay 25% of the fine and Income-tax in November and March next in two installments. The balance they can pay by September next as the third and final installment, according to the Union finance Ministry.

The same consideration if the authorities have for the small farmers, Dwacra women's groups and so on for repayment of loans, depending on good and bad crop years, it could possibly save some lives.
Agency: Ap7am Desk
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