Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: ACCOUNTING STANDARDS :: VAT RATES :: form 3cd :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit
 
 
Direct Tax »
 How merging PF accounts helps avoid tax on withdrawals
 Income tax officers should not threaten taxpayers: CBDT
 Non-payment of TDS by mumbai companies: Showcause notices to over 300 firms
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment

Govt. issues clarifications on tax compliance for undisclosed foreign income and assets
July, 13th 2015

The Central Board of Direct Taxes of the Ministry of Finance on Monday introduced a tax compliance provision related to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

According to department statement, the provision and clarifications related to it have been introduced under Chapter VI of the Act.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 have been notified, said the department.

The CBDT said that if a firm has undisclosed foreign assets, a declaration can be made by the firm which shall be signed by the person specified in sub-section (2) of Section 62 of the Act. It also said that a partner cannot make a declaration in his name, but may file a declaration in respect of an undisclosed asset held by him.

It also said that a company which has undisclosed foreign assets, can file a declaration under Chapter VI of the Act, but added that directors of the company shall not be liable for any offence under the Income Tax Act, Wealth Tax Act, FEMA, Companies Act and the Customs Act in respect of declaration made in the name of the company.

It also said that Section 67 provides immunity from prosecution under five Acts-the Income Tax Act, Wealth Tax Act, FEMA, Companies Act and the Customs Act. However, it does not provide immunity from prosecution under any other Act.

Offences under the PMLA arise when laundering money generated from the process or activity connected with the offences specified in the schedule to the PMLA. Therefore, the primary requirement under PMLA is commission of a scheduled offence, it said.

The willful attempt to evade tax under section 51 of the Act, it added, has become a scheduled offence under PMLA.

However, where a declaration of an asset has been made under Section 59 of the Act, the provisions of Section 51 will not be applicable in respect of that asset, the CBDT statement said.

The CBDT said that a declarant will be liable for capital gains under the Income Tax Act on sale of such asset in future. It said that as per the current provisions of the Income Tax Act, the capital gains is computed by deducting cost of acquisition from the sale price. It also said that a person will only be ineligible from declaration of those foreign assets which have been acquired during the year for which a notice under section 142/ 143(2)/ 148/ 153A/ 153C is issued and the proceeding is pending before the Assessing Officer.

He or she is free to declare other foreign assets which have been acquired during other years for which no notice under above referred sections have been issued.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions