{"id":106,"date":"2015-07-04T00:00:00","date_gmt":"2015-07-03T18:30:00","guid":{"rendered":""},"modified":"2015-12-29T10:54:44","modified_gmt":"2015-12-29T05:24:44","slug":"explanatory-notes-on-provisions-relating-to-tax-compliance-for-undisclosed-foreign-income","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/explanatory-notes-on-provisions-relating-to-tax-compliance-for-undisclosed-foreign-income\/","title":{"rendered":"Explanatory notes on provisions relating to tax compliance for undisclosed foreign income"},"content":{"rendered":"
\n

<\/a>Circular No. 12 of 2015<\/strong><\/span><\/p>\n

 F. No. 142\/18\/2015-TPL<\/strong><\/p>\n

 Government of India<\/strong><\/p>\n

Ministry of Finance<\/strong><\/p>\n

 Department of Revenue<\/strong><\/p>\n

Central Board of Direct Taxes<\/strong><\/p>\n

 (TPL
\nDivision)<\/strong><\/p>\n

 ***<\/p>\n

 <\/p>\n

Dated 2<\/strong>nd<\/sup><\/strong> of July, 2015<\/strong><\/p>\n

 <\/p>\n

EXPLANATORY
\nNOTES ON PROVISIONS RELATING TO TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME
\nAND ASSETS AS PROVIDED IN CHAPTER VI OF THE BLACK MONEY (UNDISCLOSED FOREIGN
\nINCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015<\/strong><\/p>\n

  <\/p>\n

Introduction<\/strong><\/p>\n

 <\/p>\n

THE BLACK MONEY (UNDISCLOSED FOREIGN
\nINCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 (referred to here as \u2018the
\nAct\u2019) as passed by the Parliament received the assent of the President on the
\n26th<\/sup> of May 2015. The Act contains provisions to deal with the
\nmenace of black money stashed away abroad. It, inter alia<\/em>, levies tax on
\nundisclosed assets held abroad by a person who is a resident in India at the
\nrate of 30 percent of the value of such assets, provides for a penalty equal to
\n90 percent of the value of such asset, and also provides for rigorous
\nimprisonment of three to ten years for wilful attempt to evade tax in relation
\nto a undisclosed foreign income or asset.<\/p>\n

 <\/p>\n

2.
\nConsidering the stringent nature of the provisions of the new law, Chapter VI
\nof the Act, comprising sections 59 to 72, provides for a one-time compliance
\nopportunity for a limited period to persons who have any foreign assets which
\nhave hitherto not been disclosed for the purposes of Income-tax. This circular
\nexplains the substance of the provisions of the compliance window provided for
\nin the said Chapter VI of the Act.<\/p>\n

 <\/p>\n

Scope of compliance window<\/strong><\/p>\n

 <\/p>\n

3. A
\ndeclaration under the aforesaid chapter can be made in respect of undisclosed
\nforeign assets of a person who is a resident other than not ordinarily resident
\nin India within the meaning of clause (6) of section 6 of the Income-tax Act.<\/p>\n<\/div>\n

\n

 <\/p>\n

4. A declaration under the aforesaid
\nChapter may be made in respect of any undisclosed asset located outside India
\nand acquired from income chargeable to tax under the Income-tax Act for any
\nassessment year prior to the assessment year 2016-17 for which he had, either<\/em>
\nfailed to furnish a return under section 139 of the Income-tax Act, or<\/em>
\nfailed to disclose such income in a return furnished before the date of
\ncommencement of the Act, or<\/em> such income had escaped assessment by reason
\nof the omission or failure on the part of such person to make a return under
\nthe Income-tax Act or to disclose fully and truly all material facts necessary
\nfor the assessment or otherwise. <\/p>\n

Rate of tax and penalty <\/strong><\/p>\n

5. The person making a declaration under
\nthe provisions of the chapter would be liable to pay tax at the rate of 30
\npercent of the value of such undisclosed asset. In addition, he would also be
\nliable to pay penalty at the rate of 100% of such tax (i.e., a further 30% of
\nthe value of the asset as on the date of commencement of the Act). Therefore,
\nthe declarant would be liable to pay a total of 60 percent of the value of the
\nundisclosed asset declared by him. This special rate of tax and penalty
\nspecified in the compliance provisions will override any rate or rates
\nspecified under the provisions of the Income-tax Act or the annual Finance
\nActs.<\/p>\n

 <\/p>\n

Time limits for declaration and making
\npayment<\/strong><\/p>\n

 <\/p>\n

6. A declaration under the Act can be made
\nanytime on or after the date of commencement of the Act but before a date to be
\nnotified by the Central Government. As regards the commencement of the Act,
\nsection 1 provides that the Act shall come into force on the 1st<\/sup> of April, 2016. However, section 3 which specifies the charge
\nof tax, lays down that tax shall be charged for every assessment year
\ncommencing on or after the 1st<\/sup> day of April, 2016. Hence, under the Act,
\ntax is also chargeable for assessment year 2016-17 for which the relevant
\nprevious year is 2015-16. In exercise of its power to remove difficulties under
\nsection 86 of the Act, the Central Government by an order has clarified that
\nthe Act shall come in to force on 1st<\/sup> July, 2015. Accordingly, the compliance
\nprovisions under Chapter
\nVI shall also come into force with effect from the date of commencement of the
\nAct i.e. 1 st<\/sup> of July, 2015.<\/p>\n<\/div>\n

<\/p>\n

 <\/p>\n

 <\/p>\n

7. The Central Government has further
\nnotified 30th<\/sup> September, 2015 as the last date for
\nmaking the declaration before the designated Principal Commissioner or
\nCommissioner of Income Tax (PCIT\/CIT) and 31st<\/sup>
\nDecember, 2015 as the last date by which the tax and penalty mentioned in para
\n5 above shall be paid. Accordingly, a declaration under Chapter VI in Form 6 as
\nprescribed in the Rules may be made at any time before 30.09.2015. After such
\ndeclaration has been furnished, the designated Principal CIT\/ CIT will issue an
\nintimation in the proforma annexed to the Circular to the declarant by 31.10.15
\nwhether any information in respect of the declared asset had been received by
\nthe Competent Authority on or before 30th<\/sup> June 2015, under an agreement entered
\ninto by the Central Government under section 90 or 90A of the Income-tax Act.
\nWhere any such information had been received, the declarant shall file a
\nrevised declaration in Form 6 excluding such asset. The declarant shall not be
\nliable for any consequences under the Act in respect of, any asset which has
\nbeen duly declared but has been found ineligible for declaration as the Central
\nGovernment had prior information on such asset. However, such information may
\nbe used under the provisions of the Income-tax Act. The revised declaration
\nshall be filed within 15 days of receipt of intimation from the designated
\nPrincipal Commissioner \/Commissioner i.e. if a declarant has received the
\nintimation on 10th<\/sup> October 2015, he can file a revised
\ndeclaration on or before 25th<\/sup> October, 2015. However, in all cases, the
\ndeclarant is required to pay the requisite tax and penalty on the assets
\neligible for declaration latest by 31.12.2015. After the intimation of payment
\nby the declarant, the Principal CIT\/CIT will issue an acknowledgement in Form 7
\nof the accepted declaration within 15 days of such intimation of payment by the
\ndeclarant.<\/p>\n

 <\/p>\n

Form for declaration<\/strong><\/p>\n

 <\/p>\n

8. As
\nper the Act, declaration under the chapter is to be made in such form and shall
\nbe verified in such manner as may be prescribed. The form prescribed for this
\npurpose is Form 6 which has been duly notified. The table below mentions the
\npersons who are authorized to sign the said form: <\/p>\n<\/div>\n

\n

 <\/p>\n\n\n\n\n\n\n\n\n\n
\n

Sl.<\/strong><\/p>\n<\/td>\n

\n

Status of the declarant<\/strong><\/p>\n<\/td>\n

\n

Declaration to be signed by<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

1.<\/p>\n<\/td>\n

\n

Individual<\/p>\n<\/td>\n

\n

Individual; where individual is absent from India,<\/p>\n

person authorized by him; where the individual is<\/p>\n

mentally 
\n incapacitated,  his  guardian 
\n or  other<\/p>\n

person
\n competent to act on his behalf.<\/p>\n<\/td>\n<\/tr>\n

\n

2.<\/p>\n<\/td>\n

\n

HUF<\/p>\n<\/td>\n

\n

Karta<\/em>; where the
\n karta <\/em>is absent from India or is<\/p>\n

mentally 
\n incapacitated  from  attending 
\n to  his<\/p>\n

affairs,
\n by any other adult member of the HUF<\/p>\n<\/td>\n<\/tr>\n

\n

3.<\/p>\n<\/td>\n

\n

Company<\/p>\n<\/td>\n

\n

Managing 
\n Director;  where  for 
\n any  unavoidable<\/p>\n

reason the managing director is not able to sign or<\/p>\n

there
\n is no managing director, by any director.<\/p>\n<\/td>\n<\/tr>\n

\n

4.<\/p>\n<\/td>\n

\n

Firm<\/p>\n<\/td>\n

\n

Managing  partner;  where 
\n for  any  unavoidable<\/p>\n

reason the managing partner is not able to sign the<\/p>\n

declaration,  or 
\n where  there  is 
\n no  managing<\/p>\n

partner, by any partner, not being a minor.<\/p>\n<\/td>\n<\/tr>\n

\n

5.<\/p>\n<\/td>\n

\n

Any other association<\/p>\n<\/td>\n

\n

Any member of the association or the principal<\/p>\n

officer.<\/p>\n<\/td>\n<\/tr>\n

\n

6.<\/p>\n<\/td>\n

\n

Any other person<\/p>\n<\/td>\n

\n

That person or by some other person competent to<\/p>\n

act on his behalf.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 The
\ndeclaration may be filed with the Commissioner of Income-tax, Delhi. The
\ndeclaration may also be filed online on the e-filing website of the Income Tax Department
\nusing the digital signature of the declarant.<\/p>\n

 <\/p>\n

Declaration not eligible in certain cases<\/strong><\/p>\n

 <\/p>\n

9. As
\nper the provisions of section 71 of the Act no declaration under the compliance
\nwindow can be made in respect of any undisclosed foreign asset which has been
\nacquired from income chargeable to tax under the Income-tax Act for assessment
\nyear 2015-16 or any earlier assessment year in the following cases\u2014<\/p>\n

  <\/p>\n

(i<\/em>)        where a notice under section 142 or section 143(2<\/em>)  or section 148 or section<\/p>\n

 <\/p>\n

153A or
\nsection 153C of the Income-tax Act has been issued in respect of such
\nassessment year and the proceeding is pending before the Assessing Officer. For
\nthe purposes of declaration under section 59 it is clarified that the person
\nwill not be eligible under the compliance window if any notice referred above
\nhas been served upon the person on or before 30th<\/sup> June 2015 i.e. before the date of commencement of this Act. <\/p>\n<\/div>\n

\n

In the form of
\ndeclaration (Form 6) the declarant will verify that no such notice has been
\nreceived by him on or before 30th<\/sup> June 2015. <\/p>\n

(ii)             
\nwhere a
\nsearch has been conducted under section 132 or requisition has been made under
\nsection 132A or a survey has been carried out under section 133A of the
\nIncome-tax Act in a previous year and the time for issuance of a notice under
\nsection 143 (2<\/em>) or section 153A or section 153C for the relevant
\nassessment year has not expired. In the form of declaration (Form 6) the
\ndeclarant will also verify that these facts do not prevail in his case. <\/p>\n

(iii)           
\nwhere
\nany information has been received by the competent authority under an agreement
\nentered into by the Central Government under section 90 or section 90A of the
\nIncome-tax Act in respect of such undisclosed asset. For the purposes of
\ndeclaration under section 59 it is clarified that the person will not be
\neligible under the compliance window if any information referred above has been
\nreceived by the competent
\nauthority on or before 30th<\/sup> June 2015 i.e. before the date of
\ncommencement of this Act.<\/p>\n

 A person in respect of whom proceedings
\nfor prosecution of any offence punishable under Chapter IX (offences relating
\nto public servants) or Chapter XVII (offences against property) of the Indian
\nPenal Code or under the Unlawful Activities (Prevention) Act or the Prevention
\nof Corruption Act are pending shall not be eligible to make declaration under Chapter
\nVI.<\/p>\n

 Circumstances where declaration shall be
\ninvalid<\/strong><\/p>\n

 10. In the following situations, a
\ndeclaration shall be void and shall be deemed never to have been made:-<\/p>\n

 <\/p>\n<\/div>\n

\n

(a)   If the declarant fails to pay the entire
\namount of tax and penalty within the specified date, i.e., 31.12.2015; <\/p>\n

 <\/p>\n

(b)   Where the declaration has been made by
\nmisrepresentation or suppression of facts or information. <\/p>\n

  <\/p>\n

Where the
\ndeclaration is held to be void for any of the above reasons, it shall be deemed
\nnever to have been made and all the provisions of the Act, including penalties
\nand prosecutions, shall apply accordingly.<\/p>\n

 Any tax or penalty
\npaid in pursuance of the declaration shall, however, not be refundable under
\nany circumstances.<\/p>\n

 Effect
\nof valid declaration<\/strong><\/p>\n

 <\/p>\n

11. Where a valid declaration as detailed
\nabove has been made, the following consequences will follow:<\/p>\n

 <\/p>\n

(a)   The amount of undisclosed investment in
\nthe asset declared shall not be included in the total income of the declarant
\nunder the Income-tax Act for any assessment year; <\/p>\n

 <\/p>\n

(b)   The contents of the declaration shall not
\nbe admissible in evidence against the declarant in any penalty or prosecution
\nproceedings under the Income-tax Act, the Wealth Tax Act, the Foreign Exchange
\nManagement Act, the Companies Act or the Customs Act; <\/p>\n

 <\/p>\n

(c)    The value of asset declared in the
\ndeclaration shall not be chargeable to Wealth Tax for any assessment year or
\nyears. <\/p>\n

 <\/p>\n

(d)  Declaration of undisclosed foreign asset
\nwill not affect the finality of completed assessments. The declarant will not
\nbe entitled to claim re-assessment of any earlier year or revision of any order
\nor any benefit or set off or relief in any appeal or proceedings under the Act
\nor under Income-tax Act in respect of declared undisclosed asset located
\noutside India or any tax paid thereon. <\/p>\n

<\/p>\n

 <\/p>\n

(Gaurav Kanaujia)
\nDirector to the Government of India<\/p>\n

 Copy to:-<\/p>\n<\/div>\n

<\/p>\n

 <\/p>\n

1.           
\nPS to FM\/ OSD to FM\/ OSD to MoS(R). <\/p>\n

 <\/p>\n

2.           
\nPS to Secretary (Revenue). <\/p>\n

 <\/p>\n

3.           
\nThe
\nChairperson, Members and all other officers in CBDT of the rank of Under
\nSecretary and above. <\/p>\n

 <\/p>\n

4.           
\nAll Pr.
\nChief Commissioners\/ Pr. Director General of Income-tax \u2013 with a request to
\ncirculate amongst all officers in their regions\/ charges. <\/p>\n

 <\/p>\n

5.           
\nPr.
\nDGIT (Systems)\/ Pr. DGIT (Vigilance)\/ Pr. DGIT (Admn.)\/ Pr. DG (NADT)\/ Pr. DGIT
\n(L&R). <\/p>\n

 <\/p>\n

6.           
\nMedia Co-ordinator and Official
\nspokesperson of CBDT. <\/p>\n

 <\/p>\n

7.           
\nWeb manager for posting on the
\ndepartmental website. <\/p>\n<\/div>\n

<\/div>\n

<\/a>Annexure<\/strong><\/p>\n

 <\/p>\n

Intimation
\nto the declarant in respect of declaration made under section 59 of the Black
\nMoney (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015<\/strong><\/p>\n

 <\/p>\n

Office of the Principal
\nCommissioner\/Commissioner of Income-tax,<\/p>\n

 <\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/p>\n

 <\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/p>\n

 <\/p>\n

To,<\/p>\n

 <\/p>\n

(Name and address of the declarant)<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

With reference to
\nyour declaration filed under section 59 of the Black Money (Undisclosed Foreign
\nIncome and Assets) and Imposition of Tax, 2015 on _________________ (date) vide
\nreceipt number<\/p>\n

 <\/p>\n

____________________, the following may be
\ninformed,-<\/p>\n

 <\/p>\n

(1)     *The competent authority has received an
\ninformation, on or before 30th<\/sup> June 2015, under an agreement entered
\ninto by central Government under section 90 or section 90A of the Income-tax
\nAct in respect of the following asset declared:- <\/p>\n

 <\/p>\n

(a)     ____________________________________________ <\/p>\n

 <\/p>\n

(b)     ____________________________________________ <\/p>\n

 <\/p>\n

In view of provisions of section
\n71(d)(iii), these assets are not eligible for declaration under section 59 of
\nthe Act.<\/p>\n

 <\/p>\n

(2)     *As item (1) is applicable to the
\ndeclaration filed by you, a revised declaration, if applicable, may be filed
\nwithin 15 days of the receipt of this intimation. <\/p>\n

 <\/p>\n

(3)     *Items (1) above is not applicable to the
\ndeclaration and you are eligible for declaration under section 59 of the Act on
\nthe total fair market value of Rs. ___________________. <\/p>\n

 <\/p>\n

 <\/p>\n

Date: \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/p>\n

 <\/p>\n

\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026..<\/p>\n

 <\/p>\n

(Principal
\nCommissioner\/Commissioner of Income-tax)<\/p>\n

 <\/p>\n

* Strike out if not applicable<\/p>\n","protected":false},"excerpt":{"rendered":"

Circular No. 12 of 2015  Government of India  Department of Revenue  (TPL Division)   Dated 2nd of July, 2015 EXPLANATORY NOTES ON PROVISIONS RELATING TO TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS AS PROVIDED IN CHAPTER VI OF THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015     … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[69,62],"yoast_head":"\nExplanatory notes on provisions relating to tax compliance for undisclosed foreign income - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/income-tax\/explanatory-notes-on-provisions-relating-to-tax-compliance-for-undisclosed-foreign-income\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Explanatory notes on provisions relating to tax compliance for undisclosed foreign income - All About Finance\" \/>\n<meta property=\"og:description\" content=\"Circular No. 12 of 2015  Government of India  Department of Revenue  (TPL Division)   Dated 2nd of July, 2015 EXPLANATORY NOTES ON PROVISIONS RELATING TO TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS AS PROVIDED IN CHAPTER VI OF THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015     ... 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