Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 Notified; Specify the Form and Manner in Which Declaration of Undisclosed Foregin Assets to be made

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 Notified; Specify the Form and Manner in Which Declaration of Undisclosed Foregin Assets to be made https://www.taxtmi.com/news?id=14784 The Rules prescribe the form and manner for declaring undisclosed foreign assets, including electronic filing via Form 6, and establish methods to determine fair market value for various asset types. Declarations meeting statutory requirements require payment of tax and penalty and intimation to the designated tax authority; after payment intimation the authority must issue an acknowledgement within 15 days. The statute shields declaration contents from admissibility in related penalty or prosecution proceedings and accompanying explanatory and FAQ circulars have been issued. en-us Fri, 31 Jul 2015 16:47:08 +0530 Fri, 31 Jul 2015 16:47:08 +0530 TaxTMI RSS Generator Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 Notified; Specify the Form and Manner in Which Declaration of Undisclosed Foregin Assets to be made https://www.taxtmi.com/news?id=14784 The Rules prescribe the form and manner for declaring undisclosed foreign assets, including electronic filing via Form 6, and establish methods to determine fair market value for various asset types. Declarations meeting statutory requirements require payment of tax and penalty and intimation to the designated tax authority; after payment intimation the authority must issue an acknowledgement within 15 days. The statute shields declaration contents from admissibility in related penalty or prosecution proceedings and accompanying explanatory and FAQ circulars have been issued. News - Fri, 31 Jul 2015 16:47:08 +0530 https://www.taxtmi.com/news?id=14784