The Income Tax department has launched a e-filing link on its official website for declaring illegal foreign assets and black money using the one-time compliance window notified recently by government.
The relevant ˜Form 6² can be used to declare undisclosed assets under the compliance window of the new anti-black money law,.
A digital signature authenticates electronic documents in a similar manner as a handwritten signature validates printed or hand-written documents. It cannot be forged and it asserts that a named person wrote or otherwise agreed to the document to which the signature is attached.
The department has provided this facility as the compliance window is valid only till September 30 and the e-filing system provides the required secrecy and speed,.
Those who want to manually file such a declaration, the Central Board of Direct Taxes (CBDT), apex policy making body of the tax department, has already notified a Commissioner of I-T in the national capital for the same.
The government had notified the three-month compliance window beginning July 1. The tax and penalty on such declared assets or funds can be paid till December 31.
Those availing the one-time ˜compliance window™ would be required to pay a tax of 30 per cent and a penalty of a similar amount.The compliance window is part of the new anti-black money law that was passed by Parliament in May.
People not disclosing illegal foreign assets will be liable for tax and penalty totalling 120 per cent of the value of undisclosed asset, rigorous imprisonment up to 10 years and action under Prevention of Money Laundering Act.
Hi corporatelawreporter.com webmaster, You always provide valuable feedback and suggestions.