Black Money Act Under Implementation
The Finance Ministry has announced that Black Money law is under implementation from 1st july and not next april, as announced earlier. Keeping the details of foreign assets and properties undisclosed will draw severe punishment under this law. Imprisonment may also be a punishment. Finance ministry announced that modifications are made to resolve issues involved in the implementation dates of Black Money Act.
The Ministry has extended the deadline for declaring undisclosed foreign income or black money till September 30. However, assets declared within the compliance window will be levied 30 percent tax and a penalty of the same amount, which can be paid by December 31. The penalty would be much higher at 90 per cent, in addition to a 30 percent tax on undisclosed foreign assets and also criminal prosecution.