IT to apply harsh PMLA if fgn assets not disclosed by Sep 30

The department today brought out an advertisement to publicise the 'one time opportunity to come clean through the compliance window'

Those not disclosing illegal foreign assets by September 30 will have to pay tax and penalty worth 120 per cent of the value of undisclosed asset, rigorous imprisonment upto 10 years and action under the harsh anti-money laundering law, taxman has warned.

The department today brought out an advertisement in leading national dailies to publicise the "one time opportunity to come clean through the compliance window."

"Do you have undisclosed assets abroad? Declare on or before 30th September, 2015," the advertisement said.

The department cautioned that if any person holding such assets does not declare it within the given time frame, he or she will be "liable for tax and penalty totalling 120 per cent of the value of undisclosed asset, rigorous imprisonment upto 10 years and action under Prevention of Money Laundering Act."

Noting that the tax authorities have "information on financial accounts abroad" of the evaders, the advertisement said all those illegally holding foreign assets should avail of the compliance window notified under the new anti-black money law.

In order to deal with the menace of unaccounted wealth stashed abroad, the government had operationalised the new black money law from July 1.

Giving a last chance to persons holding unaccounted wealth abroad to come clean, it had provided a one time 90-day voluntary compliance window which will remain open till September 30.

The disclosure made using the compliance window will attract 30 per cent tax and as much by way of penalty, which will have to be paid by December 31, 2015. In the event of the compliance window not being used and the evader getting caught after it has been closed, the person will attract a tax of 90 per cent and 30 per cent penalty.

Such disclosures can either be filed online by a person using the official e-filing website of the I-T department or manually in the office of an authorised Commissioner of Income Tax in the national capital.

It also recommended that any person can check the official web portal of the department to obtain more information vis-a-vis procedures to be followed under the black money compliance window.