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Finance Ministry likely to issue FAQs on new black money law soon

The Finance Ministry is soon to issue FAQs that explains provisions of the new blackmoney law and also to clarify whether one time compliance window can be availed by persons that are already under probe.

According to officials, the Income Tax department is working on the “grey areas” with regard to the compliance window and is deliberating on the period that should be given for disclosure and following time for payment of tax.

They added, it would also clarify that whether compliance window can be availed in the cases where prosecution or assessment has already started.

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