New Delhi, Oct 1: With the compliance window closing, what is called India's black money act, came into force from Thursday. "Once the window is closed, the act with all its provisions will be enforced on defaulters," Central Board of Direct Taxes (CBDT) chairperson Anita Kapur told the media here. The Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015, for the first time, allows levy of tax in India on assets kept abroad. The law provides for a compliance window for declaring and paying pelty and a failure to meet the timeline will attract an additiol pelty of 90 percent for a total tax liability of 120 percent on the quantum of black money stashed abroad.
Black money law comes into force