India planning amnesty for Tax evaders at a hefty 45% tax on black money
Tushar Nanadi
Feb. 18, 2011

This Budget, Finance Minister Pranab Mukherjee may announce a last and final call for all tax evaders who have stashed away black money here or abroad, to come clean after paying tax plus a penalty, collectively amounting to 45 per cent.

India planning amnesty for Tax evaders at a hefty 45% tax on black money.

The Central Board of Direct Taxes has worked out an immunity — not amnesty — scheme where people can voluntarily disclose their hidden earnings without being prosecuted.

However, there would be “no respite from tax compliance”. “Tax would be levied at normal structure wherein the real tax rate comes to about 23 per cent, and there would be a 100 per cent penalty on it,” said government officials.

“But for easy administration and low compliance cost, the unaccounted income would be taxed at a flat 45 per cent,” they added.

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