Muneem explained, “When such amnesty is given, it’s often perceived as a way to convert black money into white. Muneem said that black money typically does not benefit the national economy and is often spent abroad. In the fiscal year 2020-2021, the government had previously allowed the legalisation of undisclosed income with a 10 per cent tax. However, the new proposal reinstates this opportunity without the prior conditions, aiming to correct errors in income tax returns and increase economic activity in the private sector. “In this regard, I propose to introduce a section on tax incentives in the Income Tax Act, allowing taxpayers to rectify errors in their income tax returns and channel more money into the mainstream economy,” he added.
