Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: Central Excise rule to resale the machines to a new company :: empanelment :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARD :: VAT RATES :: VAT Audit :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: form 3cd
 
 
Direct Tax »
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased

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