India Issues Guidance on Foreign Asset Disclosure including Compliance Opportunity Window

On 2 July 2015, the Indian Central Board of Direct Taxes issued guidance on the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, including the compliance opportunity window that has been made available before stricter penalties apply. The Act introduced a flat tax of 30% on undisclosed foreign assets and income with no exemptions, deductions or offset of losses carried forward allowed. The Act also introduced strict penalties for non-compliance including a …