PMLA action if illegal fgn assets not disclosed by Sept 30

The Income Tax department today said enforcement agencies will take action under anti-money laundering laws against those who do not disclose their illegal foreign assets by September 30 as part of the one-time compliance window notified by the government.
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 taxman, in the advertisement, warned evaders that I-T has "information on financial accounts abroad" and hence people having such foreign properties should avail the compliance window as notified under the new anti-black money law.

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

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.

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 disclosures will attract a total of 60 per cent tax and penalty, which have to be paid by December 31, 2015.