How To Convert Black Money In White

Money??

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Amnesty package

• Tax scheme to legalize hidden assets on the cards

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 What is TAX Amnesty
Tax amnesty is a limited-time opportunity for a specified group of taxpayers
to pay a defined amount, in exchange for forgiveness of a tax liability
(including interest and penalties) relating to a previous tax period or periods
and without fear of criminal prosecution. It typically expires when some
authority begins a tax investigation of the past-due tax. In some cases,
legislation extending amnesty also imposes harsher penalties on those who
are eligible for amnesty but do not take it

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Brief about amnesty scheme
• The traders who file income tax returns will be allowed to revise previously
filed returns in order to declare the hidden income. They are required to
pay a 10% higher tax than the tax paid according to the original return. In
case of hidden untaxed income, the filers will declare the income by paying
1% income tax.
• The prime minister will offer non-filers an opportunity to enter the
tax net. According to the proposal, they will be able to legalize up to
Rs50 million worth of hidden working capital by paying 1% of the
declared amount in tax.
• In case the turnover is not more than Rs50 million, the traders will pay
0.2% tax and when the turnover is more than Rs50 million but less than
Rs250 million, they will pay Rs100,000 plus 0.15% of the excess amount. If
the turnover exceeds Rs250 million, the traders will pay Rs400,000 plus
0.1%.
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How does it is applicable?
• In order to receive Amnesty all unpaid taxes and 50% of the
applicable per annum interest must be reported and paid in full
during the Amnesty period of December 1, 2015 to February 15,
2016.
The amnesty program is limited to taxpayers with certain existing tax
liabilities, as follows
• Taxpayers with existing tax liabilities such as corporate excise
(including financial institutions, insurance, public utilities, and banks),
estate taxes, fiduciary income taxes and individual use tax on motor
vehicles.
•.

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What is its purpose?
• The scheme will allow the tax-payers to broaden the tax net by simply
paying their black money and turning it into white
• The amnesty scheme has been designed for non-filers of income
tax returns as well as those who file the returns but underreport
the income to evade taxes, showed the draft of the Income Tax
(First Amendment) Bill 2016.

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Benefits
• it is a boost that we must give to the economy, in conjunction
with what the Tax Code will bring in 2016, because of the state
will receive more revenue by March 2016, when there is the
actual need for money, and those with constraints related to tax
penalties can have a new beginning in the economy,'' the
finance minister told AGERPRES.
• Government has earned more then 100 million $ in their
treasures sure this will help in good

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