The Income Tax Department has said that those who have undisclosed assets abroad to declare the same by Sept 30 and not to wait.
This declaration would be in compliance with the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The Act which became a Law in May was largely to curb black money in assets abroad.
The declaration can be made by a person who is a resident (other than not ordinarily resident in India) in respect of undisclosed foreign assets located outside India and acquired from income chargeable to tax under the Income-tax Act, 1961 (the Act) for any Assessment Year (AY) prior to AY 2016-17.
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Story first published: Thursday, August 6, 2015, 12:12 [IST]