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Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Bill, 2015, popularly known as Black Money Bill passed by both the Houses of Parliament, requires all Indians to declare undisclosed foreign assets and income.
This bill will be effective from 01.04.2016. It is expected that the compliance window could be open for 2-3 months to declare undisclosed income and assets. A further six months could be provided to make tax payments.
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