The government on Monday reassured those wishing to disclose their so-far-unreported foreign wealth that they would not face any harassment on account of availing the one-time black money compliance scheme ending on September 30.
“The information contained in the declaration will be kept confidential…Fears of harassment of the declarants expressed in certain fora are totally unfounded,” said a ministry statement.
While the disclosure period ends in September, those who avail of the scheme have time till December 31 to make the tax payment.
Accepted declaration of hidden foreign wealth will not be admitted as an evidence against the assessee for violation of laws dealing with direct taxes, foreign exchange, companies or customs.
Tax evaders not availing of the scheme, if caught, are liable to face 120% penalty and ten year rigorous imprisonment under the black money law besides forfeiture of such assets.
The government enacted the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act earlier this year as per an election promise made by the BJP last year.