The revenue department clarified that those who have received tax notices up to June 30 cannot take advantage of
the compliance window.
New Delhi : Terming the rules for the new black money law “simple and clear”, the Finance Ministry on Saturday said the ongoing compliance window will be the last chance to come clean on undisclosed foreign assets.
The Central Board of Direct Taxes (CBDT) had on Friday issued the rules under the black money law for valuing overseas incomes and assets for the purpose of the levy of tax and penalty.
In a tweet on Saturday, Revenue Secretary Shaktikanta Das said, “Compliance rules under the black money law are simple and clear. Last chance to come clean.”
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which has come into effect from July 1, provides for a 90-day compliance window under which persons having undisclosed foreign assets and income can come clean by declaring them and paying a total of 60 per cent tax and penalty.
In case they do not declare their overseas assets, they will be liable to pay tax and penalty of 120 per cent and face a jail term.
The rules said all deposits made in an undisclosed overseas bank account since opening will be clubbed while assets like immovable property, shares and jewellery will be valued at fair market price for the levy of tax and penalty under the new black money law.