Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
Following is the Facebook post of Finance Minister Arun Jaitley on one-year of the BJP-led NDA government.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
In a recent lecture, RBI governor Raghuram Rajan dished out some frank advice -- don't get into 'jugaad', instead try for the long haul. Only that will sustain in the long-run.
'Modi is likely to make more announcements to win or retain popularity, and put himself at the centre of things even more than now,' says T N Ninan.
Aditya Puri thinks the government is on track.
Tamal Bandyopadhyay discusses his latest book Bandhan: The Making of a Bank at Bandhan headquarters in Kolkata.
NDA government has shunned populism.
Jayapur, with a population of a little over 4,200, was like most other villages before Prime Minister Narendra Modi adopted it on November 7.
'We are completely engaged in fighting poverty; alas, our neighbour Pakistan seems only engaged in fighting us.'
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
The elements are all aligned to make India a global powerhouse, says IMF Managing Director Christine Lagarde.
Indian economy about to take-off
In a marathon address to the nation from the ramparts of the Red Fort, Prime Minister Narendra Modi on Saturday underlined India's unity and diversity and the progress of his 15-month-old government's policies.
Pranjul Bhandari, Chief India Economist, HSBC, speaks about a range of issues ranging from inflation, to how Goods and Services Tax and land acquisition bills can help India hit double digit growth, and her impressions about economic growth in the last one year after Narendra Modi took over as India's Prime Minister.
Prime Minister Narendra Modi, who recently completed one year in office, has, in an exclusive interview with Smita Prakash, editor, ANI, said the opposition alleging that his government is a "suit boot ki sarkar" is definitely better and more acceptable than being labelled a "suitcase" (ki sarkar), and satirically added, that after ruling for sixty years, the Congress has suddenly remembered the poor.
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