New Delhi (IANS) Wednesday (September 30) is the last day for individuals to declare undisclosed foreign assets under the new Black Money act, an official statement said.
The information declaring assets held by individuals under the one-time compliance opportunity provided under the new Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, will be kept confidential, the finance ministry said in a statement on Monday.
Section 138 of the Income Tax Act will be applied on the declarations, the statement added.
It also dispelled the fears of harassment for declaring individuals as wrongly reported in some fora.
However, the ministry also cautioned that individuals not declaring their foreign assets will face severe consequences which may include higher penalty, prosecution and also forfeiture of asserts under the Prevention of Money Laundering Act, the statement added.