Anyone with undisclosed assets and bank accounts abroad will get time up to December 3 Jst to avoid a higher penalty and prosecution. The Finance Ministry has notified the compliance window under The Black Money (Undisclosed Foreign income and Assets) and Imposition of Tax Act, 2015. Under the window, a person with undisclosed assets (including bank accounts) abroad can make a declaration by September 30~(yh). One will have time till December 31~(st) to pay tax and a penalty on such assets. Tax will be levied at the rate of 30% while the penally will be 100% of the tax. Altogether, the person will have to pay 60% of the taxable value or amount declared.
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