Black Money Law

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.

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As per the 90-day compliance window under the Act, those holding undisclosed foreign assets can declare and come clean by paying 60 percent tax and penalty. The disclosure window closes on September 30 and the tax and penalty has to be paid by December 31.

CBDT to clarify on bk a/c disclosures under black money law

In the Frequently Asked Questions (FAQs) the Central Board of Direct Taxes (CBDT) will answer around two dozen queries based on inputs received from various stakeholders since the notification of the Compliance Window under the Black Money Act on July 1.

New black money law creating panic, confusion: Assocham

"Based on a wide range of consultations with a cross section of the taxpayers, we found that there is so much of confusion and in some cases, even panic, for being on the wrong side of this law by non-compliance which may result from inadvertent steps," it added.

Immunity from FEMA for disclosures in black money window

The Frequently Asked Questions (FAQs) issued by Finance Ministry said the 90-day compliance window till September 30 provided to foreign asset holders to come clean will, however, not guarantee immunity for wealth generated from corruption.

Squeeze parallel economy in a fair manner: FM to taxmen

For the current financial year, the Arun Jaitley said, direct tax collection was likely to improve by 14-15 percent and there was possibility of government improving upon the fiscal deficit target of 3.9 percent.

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The Government will provide a reasonable compliance window under the new black money law, Jaitley said.