In continuation of the discussion provoked by the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 (Black Money Act), which became effective in India on 1 July 2015, it is worth noting that the amnesty window will close on 30 September 2015 as things stand.

Therefore, 30 September 2015 will be the last date to declare previously undisclosed foreign income and assets by undertaking to pay 60 percent as tax and penalty.

Key scenarios that are worthwhile to consider in more depth and where the Government of India has provided an indication of its intent through clarifications are summarized below.

Click here to view table.

Several variations of these scenarios may not be covered by the clarifications detailed above that could require a fresh look at the underlying structures.