Now disclose your undisclosed foreign income and assets through online
Posted on: 06/Jul/2015 10:29:42 AM
According to the rules issued for the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 a small window till December 31 has been offered for people to declare undisclosed income and pay tax and penalty, those excluded from the list include people who have already been issued notices or cases in which information has been received from a foreign country up to June 30, 2015.
The government notified the compliance window under the Act on Wednesday, in force till September 30. It allows those with undisclosed income and assets abroad to declare these without prosecution. The final date for paying taxes and penalties, 30 per cent each, under the window is December 31.
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 can be utilised by visiting the official departmental website, https://incometaxindiaefiling.gov.in
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.
