https://www.taxtmi.com/circulars?id=53879 Circular clarifies Chapter VI compliance: declarations may be filed by beneficial owners, trustees, firms and individuals for undisclosed foreign assets acquired from income chargeable to tax in India; immunity applies only to declared assets with tax and penalty paid. Valuation follows the Rules: bank accounts, securities and brokerage holdings are valued separately; deductions exclude income not chargeable to tax in India and transfers used to acquire separately declared assets reduce account value. Declarants must provide computations, retain supporting valuation evidence, report assets in Schedule FA, and may face penalties for non-declaration. en-us Thu, 03 Sep 2015 00:00:00 +0530 Fri, 04 Sep 2015 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=53879 Circular clarifies Chapter VI compliance: declarations may be filed by beneficial owners, trustees, firms and individuals for undisclosed foreign assets acquired from income chargeable to tax in India; immunity applies only to declared assets with tax and penalty paid. Valuation follows the Rules: bank accounts, securities and brokerage holdings are valued separately; deductions exclude income not chargeable to tax in India and transfers used to acquire separately declared assets reduce account value. Declarants must provide computations, retain supporting valuation evidence, report assets in Schedule FA, and may face penalties for non-declaration. Circulars Income Tax Thu, 03 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/circulars?id=53879