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: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARD :: form 3cd :: articles on VAT and GST in India :: cpt :: VAT Audit :: ACCOUNTING STANDARDS
 
 
General »
 Companies should invest in upgradation of tax technology
 Top House tax writer suggests measures to mitigate the impact of the border tax
 Consumer goods distributors, wholesalers to bear the brunt of GST
 GST classification woes to continue
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court

Now, declare foreign assets online under black money compliance window
July, 06th 2015

Those wanting to utilise the recently notified one-time black money compliance window can also use the e-filing facility of the tax department to declare their foreign-based untaxed assets apart from the manual filing and committing of these stash properties.

According to the scheme under the window, such a declaration can be filed online by an individual or entity and mandatorily will have to carry a “digital signature” to validate it.

A digital signature authenticates electronic documents in a similar manner as a handwritten signature validates printed or hand-written documents.

This signature cannot be forged and it asserts that a named person wrote or otherwise agreed to the document to which the signature is attached.

“The facility to file the overseas black money declaration is provided with an aim that anyone who wants to use the window for declaring unreported assets can do it with maximum secrecy and in quick time.

“Submitting the document manually or sending it by post to the nodal office in Delhi are also options provided in the scheme but e-filing is the most easy and secure way. The entire work of the compliance window has been kept strictly confidential,” a senior official said.

The facility can be utilised by visiting the official departmental the official added.

The new two-page form brought out for this purpose has been categorised as ‘Form 6’ and has a three-page annexure for the “statement of undisclosed assets located outside India”.

The Central Board of Direct Taxes (CBDT), the apex policy-making body of the tax department, has also empowered and earmarked a Commissioner of Income Tax office in the national capital to handle all the applications and process the declarations made in this regard to the department.

The Commissioner of Income Tax (International Tax)-2, New Delhi, has been designated to receive the declarations, an official notification had stated.

The government recently notified the three-month compliance window beginning July 1. The tax and penalty on such declared assets or funds can be paid till December 31.

Those availing the one-time ‘compliance window’ would be required to pay a tax of 30 per cent and a penalty of a similar amount.

The compliance window is part of the new anti-black money law that was passed by Parliament in May and notified on May 26 after the President’s assent.

Undisclosed overseas assets such as immovable property, jewellery, shares and artwork are to be valued at fair market prices for the purposes of tax and penalty under the new Act.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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