Black Money Compliance Window Not to Apply if Proceedings Already On: Government


The government has said Indians against whom information has been received from foreign nations on overseas accounts or assets won’t be eligible to use compliance window to make voluntary disclosures under the stringent new black money law. In the explanatory notes issued on the 90-day one-time compliance window provided to foreign assets holders to come clean, the Finance Ministry said the facility will not be available for those against whom I-T Department has initiated proceedings before June 30 or has carried out searches.


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