The Department of Revenue, Ministry of Finance has:
- vide a press release dated 1 July 2015 notified the compliance window under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In this regard, all declarations in respect of undisclosed assets located outside India must be made on or before 30 September 2015 in order to avail the benefits of the compliance window. Once declared, tax and penalty in respect of the foreign assets so declared must be paid by 31 December 2015;
- vide a circular dated 2 July 2015 published the explanatory notes on the compliance window which, inter alia, provide explanations in relation to the scope of compliance window, time frame for compliance, forms for making declarations, validity of the declarations and the effect of making declarations; and
- vide a notification dated 2 July 2015 notified the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 which, inter alia, provide the method of calculation of fair market value of certain types of assets such as shares and securities, immovable properties, bullion, jewelry, precious stones, archaeological collections, artistic works and so on.