Govt revises upward blackmoney disclosures to Rs 4,147 cr

The 90-day blackmoney compliance window declarations were today revised upwards to Rs 4,147 crore, from which tax receipts are expected to be over Rs 2400 crore, even as government warned that it will go after those who have not come clean.
The revision, disclosed by Revenue Secretary Hasmukh Adhia to media, takes the declaration figure from Rs.3,770 crore through 638 declarations, which was put out in public domain by the finance ministry on Thursday.
Adhia said while the total number of disclosures remained the same at 638, the total illegal foreign assets brought to book stands at Rs 4,147 crore.

The government's total tax receipt from the black money declared during the window is expected to be Rs 2,488.20 crore--at 30 per cent tax and 30 per cent penalty.
"It is the risk they have taken...We would be going after them," Adhia said while answering questions on government's action plan to deal with those who did not disclose their overseas assets during the 90-day compliance window that ended on September
The earlier disclosure of Rs 3,770 crore of black money declared through the compliance window was based on a preliminary count of the declarations made, Adhia said.

After taking into account the declarations that came in envelops, the total amount comes to Rs 4,147 crore. He said the envelops were counted but the declarations in them were not reflected in the October 1 figure.

The one-time 90-day compliance window provided to holders of undeclared foreign assets ended September 30. It gave an opportunity to foreign assets holders to declare assets, pay a total of 60 per cent tax and penalty and escape stringent provisions of the new black money law.
He said under the Foreign Account Tax Compliance Act (FATCA), signed with the US, India has already started getting information. "Wealth of information has come from US," he said.