TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2012 amends Income-tax Act Section 147, targeting undisclosed foreign assets and international transaction reports.</h1> Clause 61 of the Finance Bill, 2012, amends section 147 of the Income-tax Act, effective from July 1, 2012. The amendment introduces a proviso exempting cases where income related to assets outside India has escaped assessment from the first proviso's restrictions. It adds clauses to Explanation 2, deeming income to have escaped assessment if an international transaction report required under section 92E is not furnished or if undisclosed assets outside India are found. Explanation 4 clarifies that these amendments apply to assessments starting on or before April 1, 2012.
TaxTMI 
TaxTMI 
