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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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By Advancing Interdependence, India will Bring New Dawn for Democracy in 21st Century

All citizens must be active participants in shaping the future of India

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Interdependence can be achieved by creating a country in which there is a shared understanding of the value of each citizen and a reliance on one another to eliminate discrimination. Pixabay

In his first speech after winning the election for his second term, Prime Minister Narendra Modi proclaimed that “…we have to win ‘sabka vishwas’ (everyones trust).” What will be required to win that trust is establishing a true state of interdependence. Interdependence can be achieved by creating a country in which there is a shared understanding of the value of each citizen and a reliance on one another to eliminate discrimination, hostility, and prejudice and to provide equality and opportunity for all. All citizens must be active participants in shaping the future of India. They must be equal partners in Indias inclusive economic mobility and in Indias shared prosperity.

Independence Day is the perfect day to highlight the importance of and advance the concept of interdependence. This can be accomplished by promoting the need for a unified India on this national holiday.

The need for doing this is critical. Unfortunately, in the period since the Prime Minister called for winning “trust” in his speech, some Indians have engaged in actions destroying it.

Sadly, the heinous crimes at the beginning of Modi’s second term are nothing new. There were several lynchings and numerous attacks on Muslims during his first term.

Interdependence, India, Democracy
In his first speech after winning the election for his second term, Prime Minister Narendra Modi proclaimed that “…we have to win ‘sabka vishwas’ (everyones trust).” Pixabay

Modi did not speak out vigorously then. He must do so now to demonstrate the essential leadership that will be required to create a state of interdependence. There are other serious conditions that must be addressed as well. To name just a few: sexual violence and subjugation of females continues; the caste system still exists; and, the problematic conditions of those in the weaker sections persist.

By speaking out, Prime Minister Modi can bring the country together to confront the matters that are hardening India’s democratic arteries. He cannot do that alone, however. He will need buy in and support from across the country and the citizenry.

A first step should be to “find our spiritual common ground”. That step can be initiated by recognizing that spirit is the invisible force that brings us together regardless of our caste, race, religion, region or political predisposition. The goal in discovering that common ground should be to create one nation under God. That nation would be an interdependent one and its God would be ecumenical and non-denominational. Its God would be welcoming to all.

As one nation, India would celebrate and embrace the richness of religious diversity

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As one nation, India would be inclusive and accepting unity over division and hope over fear

As one nation, India would elevate citizenship above angry and mindless partisanship and bring people together to pursue the common good

As one nation, India would be the place known for sharing and caring as opposed to blaming and shaming

As one nation, India would emphasize building bridges instead of constructing boundaries and barriers

Interdependence, India, Democracy
What will be required to win that trust is establishing a true state of interdependence. Pixabay

As one nation, India would ensure that all its people are literate and equipped with the skills to succeed in the 21st century

As one nation, India would extend life lines instead of drawing battle lines

As one nation, India would be a land of big dreams, small treasures, brave people, kind deeds, and tender mercies

As one nation, India would ensure the importance of the freedom of the free press, not to bury it

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As one nation, India would be a role model and exemplar for other democracies to emulate

Everyone must play a role in establishing India as one nation. Each citizen should engage in small acts of kindness by reaching out to those less fortunate and to the downtrodden by extending a helping hand and a hand up.

Some people can make special contributions. Religious leaders should promote interfaith dialogue. They should bring people together followers of different persuasions for meaningful conversations. They should promote a dialogue of understanding and a shared sense of community with other faiths. They should call the fact that attack on one faith is attack on all faiths. Political leaders should promote a framework of unity and civility. Civic and community leaders should promote collaboration in problem-solving. They should toil together their creeds to plant the seeds for doing good deeds.

There is no better day on which to resume our journey than Independence Day. There is no better way to make that journey than to chart a course to interdependence. By reaching that destination, India will establish itself as the beacon of hope for democracy worldwide. By realizing that potential, India will bring a new dawn for democracy in this 21st century. (IANS)