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Compliance Window - Declaration not admissible as evidence; Minister

By TIOL News Service

NEW DELHI, AUG 01, 2015: THE government has already notified and framed The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 vide Notification No. 58/2015. Rules provide and specify the form and manner in which declaration of undisclosed foreign asset is to be made and method of determination of fair market value of different type of assets.

Through Notification No. 57/2015 it was notified that 30th of September, 2015 as the date on or before a person can make a declaration in respect of an undisclosed asset located outside India and 31st December, 2015 as the date on or before a person shall pay the tax and penalty in respect of undisclosed asset.

Declaration made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) can be made before designated tax authority Form 6 which can be filed online.

Section 67 of the Act, 2015 also states that the contents of the declaration are not admissible in evidence against the declarant in any penalty and prosecution proceedings.

The suggestions, questions and representations from various persons are being received in respect to Black Money Act, 2015 and accordingly an explanatory circular (Circular No. 12 of 2015) and a clarificatory circular (Circular No. 13 of 2015) in the form of Frequently Asked Questions (FAQ) have been issued.

This was stated by Mr Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha yesterday.

Also See : TIOL TUBE Videos on Black Money
simply inTAXicating - Black Money Bill
simply inTAXicating - Its Raining Black
simply inTAXicating - Black Money, an Overview
simply inTAXicating - Black Money Compliance window

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