Indian disclosures via black money window to be confidential
Seeking to allay fears, the government said full confidentiality will be maintained with regard to disclosures of unaccounted overseas wealth made under the black money compliance window and only those who do not take advantage of the scheme need to worry, reports PTI according to the Free Press Journal.
Asking people to disclose unaccounted wealth by September 30, Revenue Secretary Shaktikanta Das said the 90-day compliance window will not be extended, though the CBDT would continue to clarify all doubts on the black money law.
“A person can file disclosure online and information will be restricted to officers who require to know. Confidentiality shall be maintained.” This is in contrast to the Das’ statement last week, where he had said that the information provided during the one-time compliance window can be revealed in the public interest.
Das said the provisions of Section 138 of the Income Tax Act will be applicable to the informations disclosed and full confidentiality will be maintained. “Let us not create false alarm. Those who have stashed money abroad and not declared them has a lot more to worry because we will start getting information under automatic exchange of information and FATCA. Those who file disclosure information under compliance window under Black Money Act need not worry,” Das said.
