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Jul 03, 2015
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Black money law: Online filing for 3-month window
Forms for a three-month compliance window under the Undisclosed Foreign Income and Assets and Imposition of Tax Act, the ‘black money’ legislation, will be separate from the normal income tax forms and may also be filed online, though they will initially go only to centres in Delhi.The government notified the compliance window under the Act on Wednesday, in force till September 30. It allows those with undisclosed income and assets abroad to declare these without prosecution. The final date for paying taxes and penalties, 30 per cent each, under the window is December 31.
Source -
http://www.business-standard.com
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