CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. India Promises To Keep Tax Amnesty Declarations Confidential

India Promises To Keep Tax Amnesty Declarations Confidential

by Mary Swire, Tax-News.com, Hong Kong

06 October 2016


India will preserve the confidentiality of information received from taxpayers under the Income Declaration Scheme 2016, according to Finance Minister Arun Jaitley.

Jaitley made the statement while announcing the results of the initiative at a press conference in New Delhi on October 1.

Introduced through the 2016 Finance Act, the amnesty provided an opportunity to taxpayers to come forward and declare undisclosed income and pay an effective tax rate on declared income of 45 percent.

The scheme ran from June 1, 2016, to September 30, 2016, and unearthed INR652.5bn (USD97.8bn) of undeclared income and assets.

Jaitley stressed that no break-up of these declarations on the basis of trades, cities, or states will be released to ensure absolute secrecy with respect to the identity of the taxpayers.

The Central Board of Direct Taxes said: "The Income Tax Department is committed to maintaining strict confidentiality of declarations made under the Scheme. CBDT requests the general public not to pay any heed to such fraudulent messages circulating on social media."

TAGS: individuals | compliance | Finance | tax | business | tax compliance | India | law | ministry of finance | tax rates | trade | Tax

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »