Last date for disclosure and payment of tax & penalty with respect to undisclosed foreign assets under the provisions of Black Money Act declared

On 01.07.2015, the Central Government notified 30.09.2015 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), which received Presidential assent and became law on 26.05.2015.

The Central Government also declared 31.12.2015 as the last date by which a person must pay the tax and penalty in respect of the undisclosed foreign assets in order to avoid stringent penalties and prosecution as provided in the said Act.

 

-Ministry of Finance

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