The Finance Ministry has anounced 30th September, 2015 as the date before which persons can make a declaration about their undisclosed assets located outside India.
The Compliance Provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has also announced that Dec.31, 2015 will be the last date to pay the tax and penalty in respect of their undisclosed foreign assets under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘Black Money Act’).
While the detailed features of the compliance window are notified separately, a statement said it is in accordance with similar announcement made by Union Finance Minister 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 up to 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.