: Programs like the Income Declaration Scheme (IDS) offered immunity from prosecution for citizens who voluntarily declared hidden assets while paying significant taxes and penalties (roughly 45%).
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
: The Income Tax Department uses high-quality intelligence and digital data to send targeted emails/SMS to taxpayers with detected but unreported offshore assets, encouraging them to revise their filings to avoid harsher penalties.
: Programs like the Income Declaration Scheme (IDS) offered immunity from prosecution for citizens who voluntarily declared hidden assets while paying significant taxes and penalties (roughly 45%).
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
: The Income Tax Department uses high-quality intelligence and digital data to send targeted emails/SMS to taxpayers with detected but unreported offshore assets, encouraging them to revise their filings to avoid harsher penalties.
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