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Compliance window for domestic black money opens today

Compliance window for domestic black money opens today

New Delhi: The 4-month disclosure window giving an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 percent on such assets opened on Wednesday.

4-month window to declare black money opens on June 1: Finance Ministry

4-month window to declare black money opens on June 1: Finance Ministry

The four-month window for declaring domestic black money will open on June 1 and those opting to come clean by paying 45 percent tax and penalty will not be subject to scrutiny and enquiry by tax department. 

India Inc cheers corporate tax cut, wealth tax abolition

India Inc on Saturday cheered the road map for lowering corporate taxation, abolition of wealth tax and steps to check black money menace, while calling the Union Budget a "visionary" document.

Net direct tax collection at Rs 2.60 lakh crore

Net direct tax collection so far in the current fiscal stood at Rs 2.60 lakh crore, said a senior finance ministry official.

No wealth tax on farm land: Finance Minister

Finance Minister P Chidambaram Tuesday ruled out levying wealth tax on agriculture land and roll back of the duty hike on SUVs but relaxed residency norms for investors from countries like Mauritius for the purpose of tax benefit.

Time for debate on inheritance tax: Chidambaram

In order to deal with the issue of accumulation of wealth, Finance Minister P Chidambaram Thursday said the time has come for a debate on imposition of inheritance tax.

Wealthy Indians shell out over 3% of income on donations

Wealthy Indians shelled out 3.1 percent of their total income on charitable donations in 2011 and more than half pledged to give even more this year, says a study by global business consultancy Bain & Company.

Left wants 5% wealth tax on Rs 50 cr and above

Left parties have suggested that wealth tax be levied in the range of 1-5 per cent, instead of a flat 1 per cent at present.

Foreign bank deposits, paintings, watches may attract wealth tax under DTC

Deposits in foreign banks, paintings, sculptures and expensive watches may come under the wealth tax net as part of the government's drive to unearth black money.

Mark Zuckerberg and the case for a wealth tax

When politicians talk about taxing the rich, a common rejoinder is that income is not the same as wealth, and it’s wealth, not income, which really makes you rich.