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Persons who have received notices can still declare other foreign assets for which notices have not been issued, the Finance Ministry has said on the black money law.
In case of undisclosed inherited property overseas, a legal representative will be required to make a declaration and pay tax and penalty, the Finance Ministry said.
Tax and penalty in case of undisclosed bank accounts will be on the sum of all deposits and not on the balance on a particular date, the Ministry said.
A person who has acquired money through corruption will not be eligible to take advantage of the compliance window.
Disclosures made via compliance window will get immunity from prosecution under I-T, FEMA, Companies, Customs, and the Wealth Tax Act.
Prevention of Money Laundering Act will not be applicable for wilful attempt to evade tax on disclosures made under the compliance window.
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