Black Money to Attract Double Payout After 4-Month Window

New Delhi: In a stern warning to black money holders, the government has said those caught with illicit wealth within the country would have to cough up 90 per cent in tax and penalty and also face up to 7 years in jail if they fail to declare it during the four-month compliance window. The window, announced by Finance Minister Arun Jaitley in his Budget 2016-17, will begin on June 1 and provides an opportunity to avoid prosecution ...