RBI:
RBI has released various separate Master Circulars for each & every topic under the various provisions of FEMA and Banking Laws. These Master circulars are compilations of all the circulars issued by the Regulator and applicable on as on date on the stakeholders. With an intention to have all current instructions on the subject at one place, the Reserve Bank of India issues Master Circulars on various topics updated as on June 30, 2015.
CBDT – Income Tax:
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘Black Money Act’) received Presidential assent and became law on 26th May, 2015. The Act provides for separate taxation of undisclosed foreign income and assets. Stringent penalties and prosecution, including rigorous imprisonment upto ten years and penalty equal to three times of the tax have been prescribed for violation. The Act also provides a compliance window for a limited period to persons who have undisclosed foreign assets which they have not disclosed for the purposes of Income-tax so far. In this regard, the Central Government has notified the 30th day of September, 2015, as the date on or before which a person may make a declaration in respect of an undisclosed asset located outside India under the compliance provisions of the Black Money Act. The last date by which a person must pay the tax and penalty in respect of the undisclosed foreign assets so declared shall be the 31st day of December, 2015.
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