New Delhi: The Centre on Saturday announced that a four-month window for declaring domestic black money will open on June 1.

Individuals opting to come clean by paying 45 per cent tax and penalty will not be subject to scrutiny and enquiry by tax department.

The scheme will be valid for four months – June 1 to September 30 – for making declarations. Payments towards taxes, surcharge and penalty will have to be made by November 30.

The Central government had announced a scheme for Indian holding undisclosed income abroad earlier. Finance Minister Arun Jaitley announced the scheme in the Budget.

According to the Ministry, the scheme will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to Financial Year 2015-16 or earlier.

“Under the scheme, income as declared by the eligible persons, would be taxed at the rate of 30 per cent plus a ‘Krishi Kalyan Cess’ of 25 per cent on the taxes payable and a penalty at the rate of 25 per cent of the taxes payable, thereby totalling to 45 per cent of the income declared under the scheme,” the ministry said.

Declarations can be filed online or with the jurisdictional Principal Commissioners of Income-tax.