Declare Foreign Undisclosed Assets By Sept 30: IT Department

Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The Income Tax Department has said that those who have undisclosed assets abroad to declare the same by Sept 30 and not to wait.

    Declare Foreign Undisclosed Assets By Sept 30: IT Department
    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.

    GoodReturns.in

    Story first published: Thursday, August 6, 2015, 12:12 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more