Mon. Sep 21st, 2020

Persons holding undisclosed Foreign Assets advised to file their declarations well within time limit under One-Time Compliance Opportunity which will end on 30th September, 2015

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The Finance Ministry on
21st September 2015 issued a press release advising the persons
holding undisclosed foreign assets to file their declarations well within the
time limit provided under the compliance window of the Black Money (Undisclosed
Foreign Income and Assets) and Imposition of Tax Act, 2015. The one-time
compliance opportunity provided under the Act will end on 30th
September, 2015. The release also mentioned that failure to declare an
undisclosed asset will entail severe consequences under the Act, including
higher penalty, prosecution, and may also result in forfeiture of assets under
the Prevention of Money Laundering Act.  
    

The Ministry also
clarified that the information contained in the declaration will be kept
confidential as Section 138 of the Income Tax Act will be applicable to the
declarations. The process of filing declaration is simple and the declaration
can be filed online also. It was also clarified that the fears of harassment of
the declarants expressed in certain fora are totally unfounded.

The Black Money
(Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was enacted
to deal with menace of black money stashed abroad. It penalizes the concealment
of foreign income, and provides for criminal liability for attempting to evade
tax in relation to foreign income. Under the Act provision for one-time
compliance opportunity to persons holding undisclosed foreign assets is
provided under which such persons are permitted to file a declaration before a
tax authority for all assessment years, and pay a penalty at the rate of 100%.
Otherwise the penalty for non-disclosure of foreign income or asset would be
equal to three times the amount of tax payable, in addition to tax payable at
30%.

-Ministry of
Finance
Source: Legal news India

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