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Ministry of Finance
Press Release dated 01-07-2015

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. 

The Central Government has notified the 30 th  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 31 st  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 26 th  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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DSM/MAM/KA

Related Updates:
Black Money Amnesty/Voluntary Disclosure Scheme Provisions Click Here >>

Excel Form-6 Declaration of Undisclosed Assets Click here >>

Black Money Act 2015-Compliance Window Date Notified 30-09-2015 for Declaration to be made in respect of an Undisclosed Asset Located Outside India | 01-07-2015|

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