Law to tax black money
Global Tax Update:July 2015/India
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) received the assent of the President on 26 May 2015. With this, BMA has become applicable from 1 July 2015. (Global Tax Update:July 2015/India)
Besides BMA, government has provided one time opportunity to persons having undisclosed foreign assets and income to declare the same by 30 September 2015 and pay taxes thereon by 31 December 2015. This one time opportunity is provided by way of Tax Compliance Scheme (TC Scheme).
In this issue of the new alert we have discussed the salient features of the BMA, rules notified thereunder and the TC Scheme.
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