The Government has by Press Release dated July 1, 2015 notified the date for compliance under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (“Black Money Act”) as September 30, 2015. It is further stated that the tax and penalty in respect of the undisclosed assets declared is to be paid by December 31, 2015.
Further, the CBDT by Notification No. 56/2015 dated July 1, 2015, has also issued clarification that for giving effect to the provisions of Section 59 (relating to declaration of undisclosed foreign asset) and Section 60 (providing for charging of tax on undisclosed foreign asset declared u/s 59), the Act shall come into force on July 1, 2015 and not April 1, 2016.
Previously published by Lexology
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