Black Money Law

Black money law: Compliance window not open for those being probed now

It will not be available for persons against whom any information has been received from foreign nations on or before June 30

Finance ministry to issue FAQs on new black money law soon

The Income Tax department is working on the "grey areas" with regard to the compliance window and is deliberating on the period to be given for disclosure and following time for payment of tax, official sources said.

Avoiding queries from tax department may result in penalty up to Rs 2 lakh

A person shall be liable to a penalty if he has, without reasonable cause, failed to answer any question put to him, by a tax authority in the exercise of its powers, the Act says.