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Explanatory notes on provisions relating to tax compliance for Undisclosed Foreign Income and Assets - Provided in Chapter VI of the The Black Money (Undisclosed Foreign Income and Asset) and Imposition of tax act 2015.

Income Tax - 12/2015 - Dated:- 2-7-2015 - Circular No. 12 of 2015 F. No. 142/18/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 2nd of July, 2015 EXPLANATORY NOTES ON PROVISIONS RELATING TO TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS AS PROVIDED IN CHAPTER VI OF THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 Introduction THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND A .....

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rous imprisonment of three to ten years for wilful attempt to evade tax in relation to a undisclosed foreign income or asset. 2. Considering the stringent nature of the provisions of the new law, Chapter VI of the Act, comprising sections 59 to 72, provides for a one-time compliance opportunity for a limited period to persons who have any foreign assets which have hitherto not been disclosed for the purposes of Income-tax. This circular explains the substance of the provisions of the compliance .....

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x Act for any assessment year prior to the assessment year 2016-17 for which he had, either failed to furnish a return under section 139 of the Income-tax Act, or failed to disclose such income in a return furnished before the date of commencement of the Act, or 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. Rat .....

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te of tax and penalty specified in the compliance provisions will override any rate or rates specified under the provisions of the Income-tax Act or the annual Finance Acts. Time limits for declaration and making payment 6. A declaration under the Act can be made anytime on or after the date of commencement of the Act but before a date to be notified by the Central Government. As regards the commencement of the Act, section 1 provides that the Act shall come into force on the 1st of April, 2016. .....

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rovisions under Chapter VI shall also come into force with effect from the date of commencement of the Act i.e. 1st of July, 2015. 7. The Central Government has further notified 30th September, 2015 as the last date for making the declaration before the designated Principal Commissioner or Commissioner of Income Tax (PCIT/CIT) and 31st December, 2015 as the last date by which the tax and penalty mentioned in para 5 above shall be paid. Accordingly, a declaration under Chapter VI in Form 6 as pre .....

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d been received, the declarant shall file a revised declaration in Form 6 excluding such asset. The declarant shall not be liable for any consequences under the Act in respect of, any asset which has been duly declared but has been found ineligible for declaration as the Central Government had prior information on such asset. However, such information may be used under the provisions of the Income-tax Act. The revised declaration shall be filed within 15 days of receipt of intimation from the de .....

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ion of payment by the declarant. Form for declaration 8. As per the Act, declaration under the chapter is to be made in such form and shall be verified in such manner as may be prescribed. The form prescribed for this purpose is Form 6 which has been duly notified. The table below mentions the persons who are authorized to sign the said form: Sl. Status of the declarant Declaration to be signed by 1. Individual Individual; where individual is absent from India, person authorized by him; where th .....

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sign the declaration, or where there is no managing partner, by any partner, not being a minor. 5. Any other association Any member of the association or the principal officer. 6. Any other person That person or by some other person competent to act on his behalf. The declaration may be filed with the Commissioner of Income-tax, Delhi. The declaration may also be filed online on the e-filing website of the Income Tax Department using the digital signature of the declarant. Declaration not eligib .....

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year and the proceeding is pending before the Assessing Officer. For the purposes of declaration under section 59 it is clarified that the person will not be eligible under the compliance window if any notice referred above has been served upon the person on or before 30th June 2015 i.e. before the date of commencement of this Act. In the form of declaration (Form 6) the declarant will verify that no such notice has been received by him on or before 30th June 2015. (ii) where a search has been .....

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r an agreement entered into by the Central Government under section 90 or section 90A of the Income-tax Act in respect of such undisclosed asset. For the purposes of declaration under section 59 it is clarified that the person will not be eligible under the compliance window if any information referred above has been received by the competent authority on or before 30th June 2015 i.e. before the date of commencement of this Act. A person in respect of whom proceedings for prosecution of any offe .....

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mount of tax and penalty within the specified date, i.e., 31.12.2015; (b) Where the declaration has been made by misrepresentation or suppression of facts or information. Where the declaration is held to be void for any of the above reasons, it shall be deemed never to have been made and all the provisions of the Act, including penalties and prosecutions, shall apply accordingly. Any tax or penalty paid in pursuance of the declaration shall, however, not be refundable under any circumstances. Ef .....

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nge Management Act, the Companies Act or the Customs Act; (c) The value of asset declared in the declaration shall not be chargeable to Wealth Tax for any assessment year or years. (d) Declaration of undisclosed foreign asset will not affect the finality of completed assessments. The declarant will not be entitled to claim re-assessment of any earlier year or revision of any order or any benefit or set off or relief in any appeal or proceedings under the Act or under Income-tax Act in respect of .....

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r. DGIT (Admn.)/ Pr. DG (NADT)/ Pr. DGIT (L&R). 6. Media Co-ordinator and Official spokesperson of CBDT. 7. Web manager for posting on the departmental website. Annexure Intimation to the declarant in respect of declaration made under section 59 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015 Office of the Principal Commissioner/Commissioner of Income-tax, ………………………………&h .....

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