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Please check this news also. Offering black money holders one last chance to come clean, Finance Minister Arun Jaitley said thatinformation on assets disclosed during the one-time compliance window will not be shared with any other authority. It will be better that you take advantage of the window provided and save yourself from the difficulties that you can face after September 30.Come Clean by September 30 said Arun Jaitley To Black Money Holders.

Mr Jaitley, who met industry chambers, CAs and tax professionals to clear any misgivings about the four-month compliance window provided to domestic black money holders to pay their taxes and escape harsher penalties, said there will be no extension of the scheme. The compliance will remain open from June 1 to September 30 and people who have such (undisclosed) income, which has not come under assessment they can disclose such incomes and legitimise by paying 45 per cent tax and penalty. People who have (undisclosed) income and have stayed outside the income tax net, this is the last chance to declare them and sleep peacefully.

The government has decided to soften the tax blow on its amnesty scheme to encourage Indians with hidden assets to come clean. They can pay effective tax -- including surcharge and penalty -- of about 31% against 45% stipulated in the Income Declaration Scheme 2016. The move to lower tax outgo is reflected in a clarification which broadly says the government will not question the source of income from which tax is paid on undeclared incomes. To illustrate: if a person were to declare undisclosed assets valued at say Rs 100 crore, her tax outgo would work out to Rs 45 crore under the scheme. The balance Rs 55 crore would be deemed as her legitimate income. However, if the government does not question the source of income from which the tax is paid, the undeclared income would be Rs 145 crore, bringing down the effective tax rate to about 31%. The government, that is issuing a clarification to this effect, reckons there would be more.At the same time, Union Revenue Secretary observed that the government and the income tax department are continuously working to detect blackmoney and are making efforts to track down any such funds that have returned to India. The Income Tax Department has unearthed undisclosed income of Rs. 43,000 crores through investigations in the last two fiscal years.