Rush of black money declarants peak before deadline

New Delhi: The rush of black money declarants peaked at the Income Tax office here as the deadline for disclosure of wealth stashed abroad expired tonight but there was no indication about the quantum of money that has come into the taxman's net.

A stream of declarants, including from far off places like Rajasthan and Karnataka, walked into the only designated office in Delhi to make declarations before the closure of the one-time black money 'compliance window'.

Long queues were seen throughout the day of people, mainly those who appeared to be Chartered Accountants or representatives of those who have undisclosed money and wealth abroad.

A top official disclosed that about 100 people made use of the compliance window till evening today. He said a businessman from Jaipur has declared assets to the tune of Rs 41 lakh.

"A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department," he said.

With the 'compliance window' closing Wednesday, the Central Board of Direct Taxes (CBDT), the apex policy-making body of the I-T department, had recently asked its officials to ensure that interested entities should be provided all help by them to make their declarations in this regard.

The government had earlier announced that the 90-day window will close on September 30 and any extension was ruled out.

The office located in the heart of the national capital, not far away the tony Connaught Place, saw hectic activity with people bringing with piles of documents to comply with the declaration window under the new anti-Black Money Act.

Amongst the early morning visitors were a father-son duo from Delhi and a businessman dealing in motor parts.

A number of others accomplished the job in a jiffy and

left the I-T office soon after.

"I am here to file my declaration. It was about Rs 50 lakh," said a businessman, who did not want to be identified. He was accompanied by a legal team and did not disclose any other details.

A small staff of the designated I-T Commissioner was seen helping the declarants put their documents in order after which they would be called in for due formalities and given an official acknowledgement under the seal of the department.

"The entire process takes about 10-15 minutes for a person. By and large people who are coming have filed the Form 6 which has been notified for this special window period under the new anti-Black Money Act," a CA said.

A few CAs and representatives were seen clicking photographs of the declarations and sending them across on Whatsapp to the declarants for whom they had come.

The designated office, in the illuminated 5th floor of the 27-storeyed building, was kept open post the regular working hours.

The office witnessed a steady trickle of people even as I-T officials said it will be open till midnight, keeping in mind the deadline.

The government today again clarified that all those declaring overseas assets during the black money compliance window will not face any penalty or prosecution under FEMA and four other laws.

The compliance window is meant for people to escape the stringent punishment under the new anti-Black Money Act by declaring the assets and paying 60 percent tax and penalty by December 31.

Non-disclosure by today under the Black money (Undisclosed Foreign Income and Assets and Imposition of Tax) Act provides for tax and penalty of 120 percent and jail term of up to 10 years for holding undisclosed foreign assets.