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Black Money Law: Valuations & Timelines

Published on Wed, Jul 08,2015 | 15:41, Updated at Wed, Jul 08 at 15:41Source : Moneycontrol.com 

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Black Money Taxation Act) was enacted on 26 May 2015, and has been made effective from 1 July 2015 (Notification No. – 56/2015). The Black Money Taxation Act covers all persons who are resident in India in accordance with the provisions of the Income-tax Act, 1961 (the Act). However, individuals qualifying as resident but not ordinarily resident (RNOR) in India are excluded from the ambit of the Black Money Taxation Act. Any undisclosed foreign income and undisclosed foreign assets detected after 30 June 2015 will henceforth be taxed under the Black Money Taxation Act, and not under the Act.

Besides the stringent penalties and prosecution, the Black Money Taxation Act contained the provision of a onetime compliance opportunity to those who have undisclosed foreign assets. Where any disclosure is made under one time compliance the window, the declarant is required to pay the tax @ 30% and an additional 30% as penalty, and no other penalty or prosecution under the Black Money Taxation Act or the Act will be launched in such cases.

The Government has recently notified (Notification No. G.S.R. 529 (E) dated 2 July 2015) the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Black Money Taxation Rules) containing the timelines and procedures of the disclosure in relation to the undisclosed foreign assets. This PWC report analyses the notification…

Attachments : Black Money Law - Valuation Etc PWC.pdf
 
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