Over 600 disclosed assets up to Rs.3,770 cr stashed abroad

Source : PIB

638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs. 3770 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act). These figures are subject to final reconciliation. The officer designated to receive the declarations worked till midnight on September 30, 2015. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter. Tax at the rate of 30% and penalty at the rate of 30% is to be paid by December 31, 2015. The compliance window opened on July 1, 2015 and closed on September 30, 2015. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad. The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of income tax so far.