Twitter
Advertisement

You have till September 30 to declare black money

All citizens having undisclosed income need to pay their taxes and penalty totaling 60% of the value of the undisclosed asset by December 31, 2015

Latest News
article-main
Representational image
FacebookTwitterWhatsappLinkedin

The Income Tax Department has released a half-page advertisement in Wednesday's newspapers asking people to declare their undisclosed assets abroad on or before September 30, 2015.

The advertisement comes with the message, "Don't hide, we know where to seek", and is followed by "One time opportunity to come clean through the compliance window".

In the advertisement, the IT Department urges Indian citizens to make their declaration under Section 59 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015, which has come into force from July 1, 2015.

It further states that all citizens having undisclosed income must pay their taxes and penalty totaling 60% of the value of the undisclosed asset by December 31, 2015.

The IT Department warns that if no declaration is made, the concerned offender will be liable for tax and penalty totaling 120% of the value of the undisclosed asset; rigorous imprisonment of up to ten years and further action under the Prevention of Money Laundering Act (PMLA).

The department informs that declarations of undisclosed income can be submitted online at https://incometaxindiaefiling.gov.in or manually before the Commissioner of Income Tax (International Taxation)-2. 

The department says that citizens can also visit its web site www.incometaxindia.gov.in for more details about the various acts related to black money. 

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement