compliance window under black money law soon arun jaitley

New York: Finance Minister Arun Jaitley today said the government will soon come out with the compliance window under the black money law for persons having illegal money stashed abroad to pay tax and penalty and come clean.

”The law has been passed...I go back and we are going to announce the compliance period,” he said while during a talk organised by Columbia Business School.

The Minister also rejected the contention that the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides amnesty or immunity to persons holding undisclosed income overseas.

He said under the compliance window, Jaitley said a person holding unaccounted assets abroad will be given an opportunity to declare them and pay 30 per cent tax and 30 per cent penalty and come clean.

”Within the compliance period you will have to declare the asset and then you will get a time period to pay your taxation plus penalty which is 30 plus 30 of (asset at the market value),” he said.

The Minister further clarified that those who will not make use of the compliance window to come clean will have to pay a tax of 30 per cent, penalty of 90 per cent and face prosecution.

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