GOT ILLEGAL WEALTH, MONEY AND ASSETS – DO NOT WORRY – THE GOVERNMENT MAY GIVE YOU A BREATHER – BRING IN AND EARN AND ENJOY !!!!!!!!!!!!!!!!!!!!!!!!!!!
VOLUNTARY DISCLOSURE SCHEME TO BRING BACK THE BLACK MONEY @!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The government is seriously considering the option of a voluntary disclosure scheme” for bringing back unaccounted money kept in banks abroad. VDIS was launched by the finance ministry domestically in 1997 and it helped the government increase revenue collections dramatically.
It was recommended that an offshore voluntary disclosure scheme may be considered by the government so that taxes could be collected on such monies kept abroad in undisclosed accounts and the assets held by resident Indians abroad.
Under the new scheme, the government may not ask a person the source of the money, but criminal action would be taken if it is proved the money was earned though unlawful activities.
The penalty for non disclosure of income or tax evasion is at 100 to 300 per cent and if a penalty of 100 per cent is imposed on taxable income at 30 per cent, one would be able to retain 40 per cent of the money but still can bring it back.