Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

[anil goenka]

I want to draw the views from expert regarding Black Money (UFIA) & the one time scheme to clear their past transactions to pay 30% as tax & 30% as penalty, disclosed by 30 sep & paid by 31 Dec.

Now if someone had accounts in foreign country which was not disclosed in India, is also eligible to avail the scheme.

But at the time of bringing back the cash the dollar rate was 35 rupees & in this scheme the required to pay tax when the dollar rate is near to 63. Is it justified ?

In such cases how an individual can avail the benefit ?

And at present if he has no any unaccounted money , in that case how he can clean up them self. And what about the rest of 40% , whether the amount became taxpaid & simply the tax payer required to deposit the rest 40% in bank as show as tax paid amount.

Pls discuss the issue

Reg

CA Sushil Kumar

[email protected]

9830202248

AI Summary

Discussion on Fairness of Taxing Undisclosed Foreign Income Under 2015 Act's One-Time Disclosure Scheme A participant in a discussion forum seeks expert opinions on the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, specifically regarding a one-time scheme for disclosing undisclosed foreign income. The scheme requires a 30% tax and 30% penalty on such income if disclosed by September 30 and paid by December 31. The participant questions the fairness of paying taxes based on the current exchange rate, which has increased significantly since the funds were originally earned. They also inquire about the process for individuals without current unaccounted money to clean up their financial records.