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The government has notified the Black Money (Undisclosed Foreign Income as Assets) and imposition of Tax Act, 2015. It will come into effect from April 1 next year.
The Act prescribes tax of 30 per cent and penalty up to 90 per cent on undisclosed bank accounts and assets abroad. However, this provision will apply only to those who do not use the compliance window.
The government will notify separate dates for the compliance window during which any Indian can disclose his/her foreign bank account and assets, pay 30 per cent tax along with 30 per cent penalty and protect him/herself from legal action.
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