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Informative
Budget 2024-25: Tax Clearance Certificate Now Includes Black Money Act, 2015
Update / Judgement Date
25 Jul 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Income TaxInternational TaxationMoney Laundering (PMLA)
The Budget 2024-25 mandates that obtaining a tax clearance certificate now includes liabilities under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This certificate, previously covering the Income-tax Act, Wealth-tax Act, Gift-tax Act, and Expenditure-tax Act, ensures individuals domiciled in India have no outstanding tax liabilities before leaving the country. This change aims to enhance compliance and will be effective from October 1, 2024.
