The government today warned that non-disclosure of black money hidden abroad before the September 30 deadline will result in severe consequences, including prosecution and forfeiture of assets.
The Finance Ministry said today that persons holding undisclosed foreign assets were advised to file their declarations in time well before the September 30 deadline.
This is a one-time compliance window provided by the government in which black money holders can disclose their income and assets held abroad with no questions asked by the government.
The Finance Ministry today assured that information contained in the declaration will be kept confidential as Section 138 of the Income-tax Act is applicable to the declarations. The process of filing declaration is simple and the declaration can be filed online also.
“The fears of harassment of the declarants expressed in certain fora are also totally unfounded,” the statement said. Some industry chambers and industrialists had voiced concerns that the information on disclosure will be misused by the Income Tax Department to hound the industry.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, has been enacted to deal with the menace of black money stashed abroad. The Act provides for a one-time compliance opportunity which will end on September 30.
The Finance Ministry said today that persons holding undisclosed foreign assets were advised to file their declarations in time well before the September 30 deadline.
This is a one-time compliance window provided by the government in which black money holders can disclose their income and assets held abroad with no questions asked by the government.
The Finance Ministry today assured that information contained in the declaration will be kept confidential as Section 138 of the Income-tax Act is applicable to the declarations. The process of filing declaration is simple and the declaration can be filed online also.
“The fears of harassment of the declarants expressed in certain fora are also totally unfounded,” the statement said. Some industry chambers and industrialists had voiced concerns that the information on disclosure will be misused by the Income Tax Department to hound the industry.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, has been enacted to deal with the menace of black money stashed abroad. The Act provides for a one-time compliance opportunity which will end on September 30.
