Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 | |
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An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto. | |
Citation | Act No 22 of 2015 |
Territorial extent | Whole of India |
Enacted by | Parliament of India |
Date enacted | 11 May 2015 (Lok Sabha) 13 May 2015 (Rajya Sabha) |
Date assented to | 26 May 2015 |
Date signed | 26 May 2015 |
Date commenced | 1 July 2015 |
Legislative history | |
Bill citation | 84-C of 2015 |
Bill published on | 20 March 2015 |
Status: In force |
Lua error in package.lua at line 80: module 'strict' not found. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (popularly Black Money Act) is an Act of the Parliament of India. It aims to curb black money, or undisclosed foreign assets and income and imposes tax and penalty on such income. The Act has been passed by both the Houses of the Parliament. The Act has received the assent of the President of India on 26 May 2015.[1][2] It came into effect from 1 July 2015.
Key Features
The key features of the the Act are :
- Imposes a 30% tax rate on undisclosed foreign income and assets.
- Provides for a one- time compliance opportunity to declare
previously undisclosed foreign income. Availing of the one-time compliance opportunity would attract a penalty of 100% of the value of the asset, as opposed to 300%, and no criminal prosecution.
External links
- Bill as passed by Lok Sabha
- Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets: CBDT Circular No. 15 of 2015
References
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