❓AskDuta❓ Budget 📊 2016: Q&A ⚖Advocate VV❗▣Money

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D👑Queen: OK, Duta people, the next area of interest for you all is the Financial Sector & Black Money❗
⚖Advocate VV: Firstly, many of you have asked about the compliance window announced in Budget 2016 ❗ Yes, this is a peculiar scheme in my opinion, and whose impact will be known soon. The FM announced a 4⃣ month compliance window for domestic black money holders. Under this scheme, one can clear past transgressions😃 by paying tax at 30% and a surcharge at 7.5% and penalty at 7.5% - total of 45% of undisclosed income. Well, is this similar to the famous (or infamous) VDIS scheme of the 1990's when PV Narasimha Rao government was made richer by several hundred crores💰, after the Congress announced the scheme where individuals and corporates were allowed to disclose black money⁉

D👑Queen: I'm guessing 45% is enough for people to continue keeping it stuffed in their mattresses 😆
⚖Advocate VV: It is not clear @ 45% tax rate whether there might be many takers, though it will get them immunity from scrutiny and prosecution ⁉ Only time will tell, but the FM was clearly at pains to explain why this scheme was not an amnesty scheme like VDIS 😃 because it had a penalty component in it 😏 The Government introduced a similar scheme last year to bring back undeclared foreign assets, but that did not do well and yielded much less than what was touted 😞 Will this scheme also be a damp squib❓