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Assets worth Rs.4,147 crore disclosed under black money compliance window

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New Delhi: The Union government on Monday announced that the total worth of declaration of assets made under the black money compliance window is ₹4,417 crore by 638 declarants.

An official statement said that the assets worth ₹3,770 crore ($580 million) declared under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, were subject to a final reconciliation.

Revenue Secretary Hasmukh Adhia told reporters here that the final quantum of declarations showed some change, though the number of declarants remained the same.

“Some envelopes (declarations), that came from various places, reached us after the last date and the total amount shows some difference at ₹4,147 crore, although the number of declarants remains the same,” Adhia said at a press conference along with other secretaries of the finance ministry and chief economic advisor Arvind Subramanian.

The law provides for a compliance window for declaring and paying penalty. Failure to meet the compliance timeline will attract an additional penalty of 90 percent for a total tax liability of 120 percent on the quantum of black money stashed abroad.

September 30 was the last date under the amnesty scheme, that called for a tax of 30 percent and an equal amount in penalty, that is to be paid before December 31.

The black money act, for the first time, allows levy of tax in India on assets kept abroad.

The Income Tax department has filed 132 prosecutions against 42 cases whose names have appeared in the HSBC Geneva bank list, Adhia said.

This move followed the Supreme Court last year, giving a list of 628 entities in the HSBC Geneva branch, furnished to it in a sealed envelope by the government, to the Special Investigation Team (SIT) constituted in May last year.

The revenue secretary said the tax department is now more actively pursuing penalties and prosecutions with better access to information allowed by treaties like FATCA with the US and the taxation agreements India has with 96 countries.

“Our request for (tax) information from other countries has doubled over the last fiscal. 1,600 requests went out in 2014-15, as compared to 800 the year before,” Adhia said.

At the G20 nations Brisbane summit last November, the leaders endorsed a new global transparency standard by which more than 90 jurisdictions will begin automatic exchange of tax information, using a common reporting standard by 2017-18.

“A common reporting standard multilateral agreement is being discussed. Some countries, including India, have already agreed on its early adoption from 2017,” Adhia said.

India has no official estimate about the quantum of black money stashed away by Indians abroad, but unofficial estimate puts it somewhere between $466 billion and $1.4 trillion.

(IANS)

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Most Positive Buzz In India Created By Google in 2018: Report

YouGov "BrandIndex" also revealed the brands that noted the greatest improvement to consumer perception in 2018. 

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The Google name is displayed outside the company's office in London, Britain. VOA

Google created the most positive buzz in India last year, follewed by Facebook-owned WhatsApp and Google-owned YouTube, international research firm YouGov said on Wednesday.

Google had a Buzz score of 57.2 points, WhatsApp 55.7 and YouTube 52.9 points in the “2018 YouGov BrandIndex Buzz Rankings” in India.

“In the age of digital natives, it is no surprise that the top 10 list has a dominance of technology brands. Noticeably, financial brands have recorded good improvement to their buzz score in the past year,” YouGov India General Manager Deepa Bhatia said in a statement.

Google
The Google logo is seen at a start-up campus in Paris, France, Feb. 15, 2018. VOA

YouGov “BrandIndex” measures the public’s perception of brands on a daily basis across a range of metrics.

The rankings are compiled using Buzz scores from the entire year’s worth of data. Buzz scores measure whether people have heard anything positive or negative about a brand during the previous two weeks.

“According to the rankings, we see a surge in the popularity of digital brands and social networks. While the top 3 is dominated by technology giants, social networks like Facebook and Instagram park themselves at nine and 10, respectively,” said the report.

MakeMyTrip was at fourth place, followed by Amazon at fifth spot.

Google, Berlin
Google CEO Sundar Pichai and Philipp Justus, Google Vice President for Central Europe and German-speaking Countries, chat behind a Google logo during the opening of a new Google office in Berlin, Germany, Jan. 22, 2019. VOA

Cab hailing services like Ola and Uber managed to stay in the limelight for a large part of the year and grabbed seventh and eighth position, respectively.

Also Read: YouTube Bans Dangerous, Harmful Pranks From its Platform

Food-delivery platform Swiggy landed at the sixth spot in the top 10 list.

YouGov “BrandIndex” also revealed the brands that noted the greatest improvement to consumer perception in 2018.

In India, Zomato is the “most improved” brand of the past year, followed by Instagram and Kotak Mahindra Bank. (IANS)