First India Tax Amnesty Since 1997 Seeks to Boost Compliance
- No legal action if illicit assets declared by September
- Last tax amnesty in 1997 helped India raise 100 billion rupees
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India’s Finance Minister Arun Jaitley offered residents with undisclosed income a one-time amnesty from prosecution as pressure mounted on Prime Minister Narendra Modi to deliver on his poll promise of unearthing black money.
The window for declaring assets will open on June 1 for four months, Jaitley said in his budget speech on Monday. Taxpayers can get immunity from prosecution by paying levies of 45 percent, including a penalty and surcharge, on the undisclosed income within two months of the declaration. That compares with a maximum 35 percent income tax.