Over 600 disclosed assets up to Rs.3,770 cr stashed abroad
Source : PIB 638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs. 3770 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act). These figures are subject to final reconciliation. The officer designated to receive the declarations worked till midnight on September 30, 2015. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter. Tax at the rate of 30% and penalty at the rate of 30% is to be paid by December 31, 2015. The compliance window opened on July 1, 2015 and closed on September 30, 2015. The Black Money (Undisclosed Foreign Income and Assets) and ...
Declarants of overseas assets not to face action under FEMA
Himanshu Vatsa and Sai Nikesh | The Dollar Business The government seems to be making all out efforts to encourage more and more people to declare their hidden assets even as a few days left for the deadline of the amnesty scheme for voluntary disclosers under the new black money law. A year after the introduction of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act 2015 in May 2014, the government in July this year announced a scheme to provide amnesty for those disclosing their unaccounted assets. Under the scheme, the government gave a 90-day compliance window for those having assets in foreign countries to declare their undisclosed wealth, pay 60% tax and penalty and escape punishment which includes up ...
'Anti black money law needs more clarity'
Sai Nikesh | The Dollar Business Government of India and its tax authorities seem to be struggling to clarify various issues related to the anti black money law, even though it has been enforced for more than a year. On July 6, 2015, the government had come out with a set of clarifications on compliance window, penalties related to the law and is likely to come up with second set of clarifications soon. An official announcement in this regard was made by the Revenue Secretary Shaktikanta Das on Friday, who informed that his 'department was likely to issue a second set of clarifications on the new black money Act, after a number of queries by various quarters.’ Experts hope that the new announcements will bring more clarity ...
Bill to deal with black money abroad gets approval
The Dollar Business Bureau The lower house of the Parliament, Lok Sabha, on Monday, passed the Undisclosed Foreign Income and Assets (UFI&A) (Imposition of Tax) Bill, 2015, which would further deal with the black money stashed overseas. The Bill was passed in Lok Sabha amidst Opposition’s demand to forward the Bill to a Standing Committee. Rejecting the Opposition’s demand, Arun Jaitley, Union Finance Minister, said, “Delay in enacting the legislation would provide the offenders an opportunity to transfer their unaccounted wealth to the unknown destinations.” There would be a short compliance window for the undisclosed income holders which would provide them an opportunity to come clean by paying 30% tax and 30% penalty, informed the Minister speaking at ...
