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IT Department Sets September 30 Deadline for Disclosure of Black Money

Blackmoney

NEW DELHI: 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, which has an image of a huge tree trunk with the palms of two hands around it has one message, which is “Don’t hide … we know where to seek”, and is followed by another missive, which says, “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 percent 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 percent 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, Room No.502, Block-E2, Pratyakash Kar Bhawan, S.P.M. Civic Centre, Minto Road, New Delhi-110 002. The office of the Commissioner of Income Tax (International Taxation)-2 can also be contacted on phone number 011-23235021 or on Fax 011-23235022. E-mail can be sent to raviagrawal@incometax.gov.in.

The department says that citizens can also visit its web site www.incometaxindia.gov.in (icon Tax Laws and Rules) for more details about the various acts related to black money.

ANI