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Black Money Law: FAQs

Published on Wed, Jul 08,2015 | 15:39, Updated at Wed, Jul 08 at 15:39Source : 

This EY Tax Alert summarizes a recent Circular  issued by the Central Board of Direct Taxes (CBDT), which contains the CBDT’s clarifications in frequently-asked-questions (FAQs) format relating to a one-time compliance window for undisclosed foreign assets under the  provisions of The Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015 (Act).

The Act has become operative from 1 July 2015 . Last week, the CBDT issued a circular  explaining, in brief, a one-time compliance scheme and prescribed the procedure for filing declaration and related aspects and notified The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (Rules)  prescribing the valuation norms for various assets, as also prescribed forms for procedural matters.

Various issues and concerns were raised about the scope of the one-time compliance window under the Act. Various representations were made requesting the CBDT to clarify the scope and implications of such a declaration.

Through this Circular, the CBDT seeks to clarify, in the form of 32 questions and answers, various issues in relation to the scope of the one-time compliance window scheme (Scheme). The clarifications deal with issues, such as who qualifies for disclosure, which assets may get covered by the disclosure, basis and quantum of value of such disclosure, immunity available in respect of disclosed amount etc. The Circular also deals with concerns about the scope of immunity from prosecution under other laws, as also the impact of failure to make disclosures as part of regular income tax returns.

The EY report is attached here…

Attachments : Black Money - CBDT FAQs_7_july_2015.pdf

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