Undisclosed Foreign Income And Assets Imposition Of Tax Bill

The Finance Ministry has extended the deadline for declaring undisclosed foreign income or black money till September 30. However, assets declared within the 'compliance window' will invite a 30 per cent tax and a penalty of the same amount which can be paid by December 31.

The black money bill is likely to come up for discussion in the Parliament on Tuesday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad.

As it struggles to push its land reforms past an aggressive opposition, the Modi government has firmed up a strategy that will turn the rival parties into bystanders when it brings another key legislation, the Black Money bill, for Parliament's approval.

The Finance Ministry has extended the deadline for declaring undisclosed foreign income or black money till September 30. However, assets declared within the 'compliance window' will invite a 30 per cent tax and a penalty of the same amount which can be paid by December 31.

The black money bill is likely to come up for discussion in the Parliament on Tuesday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad.

As it struggles to push its land reforms past an aggressive opposition, the Modi government has firmed up a strategy that will turn the rival parties into bystanders when it brings another key legislation, the Black Money bill, for Parliament's approval.