- The people with unaccounted foreign assets won’t get the benefit of a one-time disclosure window.
- This means that those already under investigation,will be denied this leeway.
- Those who declare such assets during the disclosure period won’t find themselves being prosecuted.
- Disclosures can be made from July 1 to September 30, with another three months ending December 31 to pay up.
- New law provides for a one-time compliance for a limited period to who have any foreign assets which have not been disclosed.
- Any statement in which the assessee fails to pay tax will be deemed invalid and treated as a non-declaration.
- The HSBC list refers to people and entities with accounts in the bank’s Geneva branch and was disclosed by a former employee.
- The scheme is a very simple and clear compliance scheme that has been given in line with the letter and spirit of the law.
- The government has not promised any confidentiality to those declaring undisclosed foreign assets under the black money law.
- The contents of the declaration shall not be admissible in evidence against the declarant in any penalty or prosecution proceedings.
- The government has been receiving data from various sources about foreign assets of Indians.
Source:The Economic Times