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New black money law issued by the central board of direct taxes (CBDT)

News

  • CBDT issued a fresh set of 27 clarifications in form of questions and answers and are aiming at clearing air on the new law and compliance window that is available till September end.

Highlights of New black money law are

  • Those having unaccounted foreign assets have time up to September 30 to come clean under the one-time compliance window
  • Under the black money law passed by parliament, those who have unaccounted foreign assets should come clean under the one-time compliance window by September 30th
  • 30 per cent tax and 30 per cent penalty on the asset declared should be paid before December 31
  • E-wallets and virtual card accounts should be disclosed
  • Indian companies making payments to overseas employees without deducting tax, would face penalty.
  • Private trustees, even nonresidents, holding assets on behalf of beneficial owners would be able to make declaration under the compliance window.
  • Settlor of the overseas trust can also make a declaration. In case of minor beneficial owners, the guardians will have to make the declaration.
  • Professionals who worked overseas and are now resident in India should disclose their pension account and all accretion to the account

Source: ET

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