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The Finance Ministry is likely to soon issue FAQs (Frequently Asked Questions and their answers) explaining the provisions of the new black money law and also to clarify whether the one-time compliance window can be availed by persons who are already being probed.
The Income Tax department is working on “grey areas” with regard to the compliance window and deliberating on the time to be given for disclosure and payment of tax, official sources said.
It would also clarify whether the compliance window can be availed of in those cases where prosecution or assessment has already started, they added.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, which was approved by Parliament, was notified last month.
Plugging loopholes Sources said that the tax department is working to ensure that there is no loophole in the compliance window.
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