Black Money Assessment of Declarations Begins

The Income-Tax de partment has begun the process of final assessment of those black money declarations that were made to it as part of the one-time compliance window that closed in September. Sources said while a final reconciliation of the total amount and number of declarations had been done few days after the window closed on September 30, the department has now begun analysing and assessing the validity of these declarations. They said a special office created to receive these undisclosed funds is expected to issue final statements to the declarants by November so that they can pay their due taxes by December 31 this year. “Instructions have been issued to the department to check and go through the validity of each and every of the 638 declarations before taking final action.“

The Economic Times, New Delhi, 23rd Oct. 2015

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