Finance Minister during his budget bill presentation makes a proposal for Black Money Act. The finance bill received Presidential assent and became law on 26th May 2015. The Black Money Act provides for separate taxation of undisclosed foreign income and assets. Harsh penalties and prosecution, including rigorous imprisonment up to 10 years and penalty equal to 3 times of the tax have been prescribed for violation of the Black Money Act. The Black Money Act also provides a compliance window for a limited period to persons who have failed to disclose foreign assets for the purposes of Income-tax so far.
The last date to make a declaration in respect of such undisclosed foreign income and assets is 30th September 2015 as notified by central government as required by Black Money Act.
Central government has also notified last date for payment of tax and penalty in respect of such undisclosed foreign income and assets and the last date is 31st December 2015.
Central government has notified the form to declare the black money.
*Black Money Act – Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.