Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (popularly Black Money Act) is an Act of the Parliament of India. It aims to curb black money, or undisclosed foreign assets and income and imposes tax and penalty on such income.
The tax compliance window (i.e. Voluntary Disclosure) under Black Money Act (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, is open till September 30, 2015. During this period, tax and penalty of 60% of the undisclosed foreign assets / Incomes, shall be applciable. The Act is Applicable to Resident Indians.
After the expiry of window, such persons have to pay tax and penalty of 120% on undisclsoed income and assets held abroad.
The Central Board of Direct Taxes has notified on July 2, 2015, the rules and regulations governing the Black money Act. 2015.
Contact us for any further clarifications or support in compliances.