Opportunity to Declare Undisclosed Foreign Assets Ends September 30

Published: 22nd September 2015 12:55 AM  |   Last Updated: 22nd September 2015 12:55 AM   |  A+A-

By IANS

NEW DELHI: Wednesday (September 30) is the last day for individuals to declare undisclosed foreign assets under the new Black Money act, an official statement said.

The information declaring assets held by individuals under the one-time compliance opportunity provided under the new Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, will be kept confidential, the finance ministry said in a statement on Monday.

Section 138 of the Income Tax Act will be applied on the declarations, the statement added.

It also dispelled the fears of harassment for declaring individuals as wrongly reported in some fora.

However, the ministry also cautioned that individuals not declaring their foreign assets will face severe consequences which may include higher penalty, prosecution and also forfeiture of asserts under the Prevention of Money Laundering Act, the statement added.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp