IT department launches e-link to collect black money

MUMBAI, INDIA: In a bid to endear citizens to declare their illegal foreign assets and black money, the income tax department has launched an e-filing link (https://incometaxindiaefiling.gov.in) on its official website.

Valid upto September 30, the IT department has created a special compliance window for the e-filing process.

It has also created a new two-page form categorised as Form 6 which also has a three-page annexure for the statement of undisclosed assets located outside India.

As per the scheme, an online declaration by an individual or entity will have to mandatorily bear a digital signature for validation.

It must be noted that the compliance window is a part of the new anti-black money law that was passed by Parliament in May 2015. Those holding illegal foreign assets abroad and not disclosing it by September 30 will have to face action under stringent anti-money laundering laws, the IT department said.

The department, in a public advertisement issued in newspapers said that people not disclosing illegal foreign assets will be liable for tax and penalty totalling 120 per cent of the value of undisclosed asset, rigorous imprisonment up to 10 years and action under Prevention of Money Laundering Act.