Finance Ministry reiterates September 30 as last date for declaration of undisclosed assets

The Ministry of Finance has again reiterated that September 30 will be the last date for persons holding undisclosed foreign assets to file their declarations under the compliance wWindow of the new Black Money Act.

In a statement issued today, the ministry said that one time compliance opportunity will end on September 30, and information contained in the declaration will be kept confidential.

It further stated that the process for the filing of the declaration is simple, and added that any fears of harassment of the declarants expressed in certain fora are totally unfounded.

It said that the declarations would be made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act).

The declaration will be kept confidential as per Section 138 of the Income-tax Act, it said.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has been enacted to deal with the menace of black money stashed abroad.

The finance ministry warned that failure to declare an undisclosed foreign asset will entail severe consequences under the Act, including higher penalty, prosecution, and may also result in forfeiture of assets under the Prevention of Money Laundering Act.