During the presentation of Union
Budget 2015-2016, Finance Minister Shri Arun Jaitely Ji, has announced
the scheme of rigorous taxes and penalties on those who have Foreign
Undisclosed Income and Assets. An act was made to provide the scope,
taxation and penalties on Black money in Foreign. The Act was given
assent by the President on 26th May, 2015 and is called BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015.
a. he had, either failed to furnish a return under section 139 of the Income- tax Act or
b. failed to disclose such income in a return furnished before the date of commencement of the Act or
c.
such income had escaped assessment by reason of the omission or
failure on the part of such person to make a return under
the Income- tax Act or to disclose fully and truly all material
facts necessary for the assessment or otherwise
Notification no.57/2015,F.No.133/33/2015-TPL the date of disclosure is 30th September, 2015 and the date till which amount is to be paid is 31st December, 2015.
5. FORM FOR DECLARATION
Form for declaration if Form No. 6 and will be signed by the
a.Individual-
Individual ; where individual is absent from India, person authorized
by him ; where the individual is mentally incapacitated , his
guardian or other person competent to act on his behalf.
b. HUF-
Karta ; where the karta is absent from India or is mentally
incapacitated from attending to his affairs, by any other adult
member of the HUF
c. Company
Managing Director; where for any unavoidable reason the managing
director is not able to sign or there is no managing director, by any
director.
d. Firm
Managing partner; where for any unavoidable reason the
managing partner is not able to sign the declaration, or where
there is no managing partner, by any partner, not being a minor
e. Any other association Any member of the association or the principal officer.
f. Any other person That person or by some other person competent to act on his behalf.
6 DECLEARTION TO BE FILED TO WHOM
The
deceleration will have to be filed with Commissioner of Income Tax-
Delhi or can be efiled with the DSC of the authorized signatory.
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