September 30 is the last day to Declare Undisclosed Foreign Assets
Posted on: 23/Sep/2015 11:05:50 AM
An official statement said that Wednesday (September 30) is the last day for individuals to declare undisclosed foreign assets under the new Black Money act.
The finance ministry said in a statement that the nformation 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.Section 138 of the Income Tax Act will be applied on the declarations.
V Anandarajan, Joint Secretary, Central Board of Direct Taxes (CBDT), said at an Assocham conference on black money said, It has been cleared that the date is not extending. Those who want to disclose (unaccounted foreign assets) need to disclose by this period. This has been the stance of the government from the very beginning. Now the compliance window is in the last stage, those who want to disclose can use the window.
