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Tax authorities have received ₹ 2,428.4 crore under the new black money law despite receiving declarations worth ₹ 4,164 crore.
“The shortfall is primarily on account of certain declarations for which there was prior information under the Double Taxation Avoidance Agreements and Tax Information Exchange Agreements or receipt of payment after 31st December, 2015,” the Central Board of Direct Taxes said on Wednesday.
It further said that the government had received 644 declarations during the special compliance window that closed on September 30.
“The declarants were liable to pay tax at the rate of 30 per cent and a like amount of 30 per cent by way of penalty on the value of assets declared, by December 31, 2015,” it said.
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