Dates For Compliance Window Under Black Money Act
Notified; 30th September, 2015 is the date on or before which A Person may make
a Declaration in respect of an Undisclosed Asset Located Outside India Under
the Compliance Provisions of the Black Money (Undisclosed Foreign Income and
Assets) and Imposition of Tax Act, 2015;
Last Date by which a Person must pay the Tax and Penalty in Respect of the Undisclosed Foreign Assets so Declared shall be the 31st December, 2015.
Last Date by which a Person must pay the Tax and Penalty in Respect of the Undisclosed Foreign Assets so Declared shall be the 31st December, 2015.
The Central Government
has notified the 30th day of September, 2015,
as the date on or before which a person may make a declaration in respect of an
undisclosed asset located outside India under the compliance provisions of the
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,
2015 (‘Black Money Act’).
The last
date by which a person must pay the tax and penalty in respect of the
undisclosed foreign assets so declared shall be the 31st day
of December, 2015.
Detailed features of the
compliance window are notified separately.
This is in tune with the
announcement made by the Union Finance Minister Shri Arun Jaitley, in his
Budget Speech this year, that a comprehensive new law to deal with black
money stashed away abroad would be enacted. The Bill to enact the proposed new
law was passed by the Parliament in its Budget Session. The Bill received
Presidential assent and became law on 26th May, 2015. The
Act provides for separate taxation of undisclosed foreign income and assets.
Stringent penalties and prosecution, including rigorous imprisonment upto ten years and penalty equal to three times of the tax
have been prescribed for violation. The Act also provides a compliance
window for a limited period to persons who have undisclosed foreign assets
which they have not disclosed for the purposes of Income-tax so far.
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