Govt opens compliance window for black money disclosure

Tribune News Service

New Delhi, July 1

The government has notified September 30 this year as the cut-off date for the compliance window and making disclosures under the new law on black money.

According to a Finance Ministry statement, this 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 (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 December 31, 2015.

This is in line with the announcement made by the 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 Parliament in its Budget Session.