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

Undisclosed Foreign Income compliance: concerns about exchange rate treatment and eligibility under the one-time disclosure scheme. Eligibility and scope of the one-time disclosure scheme under the Black Money Act are queried for persons with undisclosed foreign accounts, focusing on whether they may avail the scheme, procedural disclosure and payment windows, and the effect of currency exchange movements on repatriated funds. Practical compliance questions include how a person with no presently held unaccounted funds may regularise past non-disclosure, whether scheme payments are treated as fully tax paid, and the legal status of any residual portion after scheme charges are applied.