Disclose foreign assets by Sept 30 or face action: I-T dept

New Delhi, July 20

The income tax department has warned against non-disclosure of cash and assets being illegally stowed away aboard in its latest advertisement.  The endorsement, published in leading national dailies, warns of a tax and penalty amounting to 120 per cent of the assets, in addition to rigorous imprisonment of up to 10 years as well as other penal actions under Prevention of Money Laundering Act and reminds people of the compliance window —  until September 30 — which it calls a “one-time opportunity” to disclose one’s assets abroad.

"Do you have undisclosed assets abroad? Declare on or before 30th September, 2015," the advertisement says.    

It also warns people that tax authorities have "information on financial accounts abroad" of the evaders.

The government’s new black money law, which came into effect on July 1, provides what it calls a ‘90-day voluntary compliance window’ for people to disclose the assets they hold abroad.

Disclosure made within the compliance period will attract 30 per cent tax and as much penalty, to be paid by December 31, 2015. For those not paying up within the window period, the tax amount and penalty will increase to 90 per cent and 30 per cent, respectively.

Disclosures can either be made the department’s e-filing website or can be made manually to an authorised Commissioner of Income Tax in the national capital.

Information on procedures to be followed under the black money compliance window is provided on the website, the department said. — PTI