Black Money: PMLA action if illegal foreign assets not disclosed by Sept 30

Those holding illegal foreign assets abroad and not disclosing it by September 30 will face action under the stringent anti-money laundering law, the taxman has warned.

New Delhi: Those holding illegal foreign assets abroad and not disclosing it by September 30 will face action under the stringent anti-money laundering law, the taxman has warned.

An advertisement published by the Income Tax department in national dailies today says people not disclosing illegal foreign assets will be "liable for tax and penalty totalling 120 percent of the value of undisclosed asset, rigorous imprisonment upto 10 years and action under Prevention of Money Laundering Act."

The advertisement to publicise the "one time opportunity to come clean through the compliance window", says "Do you have undisclosed assets abroad? Declare on or before 30th September, 2015."

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 percent 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 percent and 30 percent 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.

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