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: cpt :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd
 
 
« ICAI »
 Frequently Asked Questions on the Companies Act 2013
  Frequently Asked Questions on the Insolvency and Bankruptcy Code, 2016
 Change of venue in respect of some of the candidates of Intermediate (IPC) at Rajkot and Kolkata, for May 2017 exams
 Registrations open for Post Qualification Diploma in International Taxation - Chennai and Pune
 Swot analysis for the profession and Institute & actionables thereon and in process also identify and analyze the strategic alliances
 Request to provide/update PAN details to avoid blocking of e-filing account by the Income-tax Department
 Revised order amplifying the Terms of Reference of the High Level Committee by Govt to dispose off disciplinary cases.
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 5 (Revised)
 FAQ on treatment of Securities Premium Account under Ind AS on the date of transition.
 Implementation Guide on Auditor’s Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013 issued by the Auditing and Assurance Standards Board
 Next Batches for the Certificate Course on Cooperatives at Jamshedpur and Ranchi.

No immunity if you are already under tax probe
July, 07th 2015

Already facing a government intimation to declare your assets parked abroad then do not feel lucky with the new compliance window law! This is what the Income-Tax department clarified in the detailed frequently asked questions, notified by the finance ministry on Monday.

The set of 32 questions said that the government will give immunity to those filing the declaration from prosecution under Foreign Exchange Management Act (Fema), Prevention of Money Laundering Act (PMLA) and four other laws and at the same time added that it doesn’t give guaranteed immunity for wealth generated from corruption.

For example, the notification said that if the undisclosed asset has been acquired out of the proceeds of sale of protected animals, the person will not be eligible for immunity under the Wildlife (Protection) Act, 1972.

For those who have already received intimation from the government for making disclosures will be treated as per the Income Tax Act and as per the compliance window law. Your declaration may even get rejected after September 30. These cases will be intimated only by October 31, a month after the 90-day compliance window expires.

With regard to applicability of the capital gains tax on foreign assets declared by assessee, the ministry said that “The declarant will be liable for capital gains under the I-T Act on sale of such asset in future”.

On taxation of money in foreign bank account, it said the fair market value is the sum of all the deposits made in the account computed in accordance with the rules. “Therefore, tax and penalty needs to be paid on such fair market value and not on the balance as on date,” it added.

As regards inherited house property overseas, the FAQ said “the declaration has to be made by the person who inherited the property in the capacity of legal representative. The fair market value of the property in his case shall be higher of its cost of acquisition and the sale price.”

In case of a company declaring undisclosed assets, the directors will not be liable for any offence under the I-T Act, Wealth Tax Act, Fema, Companies Act and Customs Act.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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