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I-T dept nudges taxpayers with undisclosed overseas properties to declare assets
🇮🇳 India · Economy · 11 h ago
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26.10 12:06 UTC
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The scheme provides a time-bound window to regularise eligible disclosures by paying 30 per cent tax on the fair market value and an equal amount of penalty in addition to tax.
A valid declaration brings immunity from further assessment, penalty and prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act).
To facilitate taxpayers, the Department has created a facility in the e-filing portal where a taxpayer can see information with respect to assets reported on their PANs by the foreign jurisdictions under Automatic Exchange of Information (AEOI), popularly known as CRS/FATCA.
The Department decided, in a high-level meeting on October 23, that such information may also be shared with relevant taxpayers, wherever possible, to enable them to take advantage of the scheme.
Income Tax Dept nudges taxpayers owning undeclared properties in UAE
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