New Delhi: Terming the rules for the new black money law "simple and clear", Finance Ministry today said the ongoing compliance window will be the last chance to come clean on undisclosed foreign assets.
Central Board of Direct Taxes (CBDT) had yesterday issued the rules under the black money law for valuing overseas income and assets for the purpose of levy of tax and penalty.
In a tweet today, Revenue Secretary Shaktikanta Das said, "Compliance Rules under Black Money law are simple and clear. Last chance to come clean."
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which has come into effect from July 1, provides for a 90-day compliance window under which persons having undisclosed foreign assets and income can come clean by declaring them and paying a total of 60 per cent tax and penalty.
In case they do not declare their overseas assets, they will be liable to pay tax and penalty of 120 per cent and face jail term.
The rules said all deposits made in an undisclosed overseas bank account since opening will be clubbed while assets like immovable property, shares and jewellery will be valued at fair market price for levy of tax and penalty under the new black money law.
The revenue department also clarified that those who have received tax notices up to June 30 cannot take advantage of the compliance window.
It also said that Indians against whom information has been received from foreign nations on overseas accounts or assets will not be able to file declaration under the window.