https://www.taxtmi.com/news?id=16384 The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 establishes enhanced tax, penalty and prosecution measures for undisclosed foreign income and assets and classifies willful attempts to evade tax on such assets as a Scheduled Offence under the Prevention of Money-laundering Act, enabling attachment and confiscation of proceeds of that conduct. The Act commenced on 01.07.2015 and included a one-time compliance window for disclosure, during which taxpayers regularised offshore assets by paying tax and penalty. en-us Wed, 20 Jul 2016 09:57:25 +0530 Wed, 20 Jul 2016 09:57:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16384 The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 establishes enhanced tax, penalty and prosecution measures for undisclosed foreign income and assets and classifies willful attempts to evade tax on such assets as a Scheduled Offence under the Prevention of Money-laundering Act, enabling attachment and confiscation of proceeds of that conduct. The Act commenced on 01.07.2015 and included a one-time compliance window for disclosure, during which taxpayers regularised offshore assets by paying tax and penalty. News - Wed, 20 Jul 2016 09:57:25 +0530 https://www.taxtmi.com/news?id=16384