The Central Board of Direct Taxes (CBDT) has received total disclosure of uline{1cm} black money in the form of cash and other assets under the Income Disclosure Scheme, 2016.

2016

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Central Board of Direct Taxes (CBDT) has received total disclosure of _________ black money in the form of cash and other assets under the Income Disclosure Scheme, 2016.

A	Rs. 100, 750 crore
B	Rs. 45, 650 crore
C	Rs. 65, 250 crore
D	Rs. 44, 300 crore

Explanation:

Detailed explanation-1: -The Scheme provides an opportunity to citizen who has not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to forty-five per cent of such undisclosed income declared.

Detailed explanation-2: -Act. If a PERSON who holds any foreign asset or has any foreign income fails to furnish any Income-tax return (under the IT Act 1961) before the end of Assessment Year, AO may levy penalty of Rs. 10 lakhs.

Detailed explanation-3: -Income tax at 30% of undisclosed income. Surcharge at 7.5% of undisclosed income. Penalty at 7.5% of undisclosed income.

Detailed explanation-4: -Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is an Act of the Parliament of India. It aims to curb black money, or undisclosed foreign assets and income and imposes tax and penalty on such income. The Act has been passed by both the Houses of the Parliament.

There is 1 question to complete.