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The CBDT has issued Circular No. 12 of 2015 dated 02.07.2015 setting out the Explanatory Notes on Provisions Relating to Tax Compliance For Undisclosed Foreign Income and Assets as Provided In Chapter VI of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

The Ministry of Finance has vide Notification No. 58/2015 dated 2nd July 2015 notified the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015

The CBDT has issued an Order dated 01.07.2015 stating that a difficulty has arisen in interpreting the expression ‘date of commencement of the Act’ in the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The CBDT has stated that the said ‘date of commencement of the Act’ shall be 1st July 2015

The Ministry of Finance has issued a Press Release dated 01.07.2015 stating that 30th September, 2015 is the date on or before which a Person may make a Declaration in respect of an Undisclosed Asset Located Outside India Under the Compliance Provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015; It is also stated that the last date by which a person must pay the tax and penalty in respect of the undisclosed foreign assets so declared shall be the 31st day of December, 2015

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