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.