Government today came out with one time four-month compliance window for domestic black money holders to come clean by paying tax and penalty of 45 per cent.
“I want to give an opportunity to earlier non-compliant to move to the category of compliant. I propose a limited period compliance window for domestic tax payers to declare undisclosed income represented in any form of assets and clear up past transgression by paying tax at 30 per cent, a surcharge at 7.5 per cent, a penalty at 7.5 per cent which is total of 45 per cent of undisclosed income,” Finance Minister Arun Jaitley said.