Govt to get ₹29k cr in tax from declared black money
Of the ₹65,250 crore in black or untaxed money disclosed under the Income Declaration Scheme, the government will get ₹29,362.5 crore in tax and penalty. Of this, ₹14,681 crore (50%) would accrue to the Centre this fiscal, and the balance in 2017-18. Under the compliance window, one could declare undisclosed domestic assets and pay 45% tax to avoid further probe.