Last Date by which a Person must pay the Tax and Penalty in Respect of the Undisclosed Foreign Assets so Declared shall be the 31st December, 2015.   

The Central Government has notified the 30th day of September, 2015, as the date on or before which a person may make a declaration in respect of an undisclosed asset located outside India under the compliance provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘Black Money Act’).

      The last date by which a person must pay the tax and penalty in respect of the undisclosed foreign assets so declared shall be the 31st day of December, 2015. 

  Detailed features of the compliance window are notified separately.

This is in tune with the announcement made by the Union Finance Minister Shri Arun Jaitley, in his Budget Speech this year, that a comprehensive new law to deal with black money stashed away abroad would be enacted. The Bill to enact the proposed new law was passed by the Parliament in its Budget Session. The Bill received Presidential assent and became law on 26th May, 2015. The Act provides for separate taxation of undisclosed foreign income and assets. Stringent penalties and prosecution, including rigorous imprisonment up to ten years and penalty equal to three times of the tax have been prescribed for violation.  The Act also provides a compliance window for a limited period to persons who have undisclosed foreign assets which they have not disclosed for the purposes of Income-tax so far. 

Compliance window for undisclosed foreign assets set with declaration and payment deadlines under the Black Money Act. A notification implements a limited compliance window under the Black Money Act permitting declarations of undisclosed assets located outside India by 30th September, 2015, with the last date for payment of tax and penalty on such declared assets being 31st December, 2015. The Act establishes separate taxation for undisclosed foreign income and assets and prescribes stringent enforcement measures, including rigorous imprisonment up to ten years and an enhanced penalty determined as a multiple of the tax; detailed features of the compliance window are to be notified separately.