Finance Ministry to hold talkathon on new black money law on Tuesday

Finance Ministry will hold a talkathon on the new black money law on Tuesday during which Revenue Secretary Shaktikanta Das and CBDT Chairperson Anita Kapur will respond to the queries regarding the legislation.

Talkathon is being organised by the Ministry of Information and Broadcasting. It would be available on Youtube at 1900 hours, and Twitter users can ask questions directly using a hashtag: #Askgovtonblackmoneylaw.

The government has enacted the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, to deal with the menace of unaccounted wealth stashed abroad.

Under the new law, the government has provided a 90-day compliance window till September 30 to enable persons holding unaccounted wealth to come clean by paying 60 per cent tax and penalty.

Thereafter, the harsh provisions of the Act which include 120 per cent tax and penalty and up to 10 year jail term would be imposed on the offenders.

The CBDT has already come out with Rules and FAQs on the new law.