{"id":1439,"date":"2015-07-06T00:00:00","date_gmt":"2015-07-05T18:30:00","guid":{"rendered":""},"modified":"2015-12-29T16:04:03","modified_gmt":"2015-12-29T10:34:03","slug":"clarifications-on-tax-compliance-for-undisclosed-foreign-income-and-assets","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/clarifications-on-tax-compliance-for-undisclosed-foreign-income-and-assets\/","title":{"rendered":"Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets"},"content":{"rendered":"
\n
\n

<\/a>                Circular
\nNo. 13 of 2015<\/strong><\/span><\/p>\n

 <\/span><\/p>\n

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

 <\/span><\/p>\n

Government of India<\/strong><\/span><\/p>\n

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

 <\/span><\/p>\n

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

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

 <\/span><\/p>\n

(TPL Division)<\/strong><\/span><\/p>\n

 <\/span><\/p>\n

***<\/p>\n

 <\/span><\/p>\n

Dated 6<\/strong>th<\/sup><\/strong> of July, 2015<\/strong><\/span><\/p>\n

 <\/span><\/p>\n

Clarifications on Tax Compliance for
\nUndisclosed Foreign Income and Assets<\/span><\/strong><\/p>\n

 <\/span><\/p>\n

The Black Money
\n(Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
\n(hereinafter referred to as \u2018the Act\u2019) has introduced a tax compliance
\nprovision under Chapter VI of the Act. The Black Money (Undisclosed Foreign
\nIncome and Assets) and Imposition of Tax Rules, 2015 (hereinafter referred to
\nas \u2018the Rules\u2019) have been notified. In regard to the scheme queries have been
\nreceived from the public about the scope of the scheme and the procedure to be
\nfollowed. The Board has considered the same and decided to clarify the points
\nraised by issue of a circular in the form of questions and answers as follows.-<\/span><\/p>\n

 <\/span><\/p>\n

Question No.1:<\/em>         <\/span>If
\nfirm has undisclosed foreign assets, can the partner file declaration <\/em>in respect of such asset?<\/em><\/strong><\/p>\n

 <\/span><\/p>\n

Answer:<\/strong>                     The declaration can be made by the firm which shall be signed
\nby the person specified in sub-section (2) of
\nsection 62 of the Act. The partner <\/span>cannot make a declaration in his name.
\nHowever, the partner may file <\/span>a declaration in respect of an undisclosed
\nasset held by him.<\/span><\/p>\n

 <\/span><\/p>\n

Question No.2:<\/em><\/strong>         Where  a  company 
\nhas  undisclosed  foreign 
\nassets,  can  it 
\nfile  a <\/em><\/strong>declaration  under 
\nChapter  VI  of  the  Act? 
\nIf  yes,  then 
\nwhether <\/em><\/strong>immunity would be granted to Directors of
\nthe company?<\/em><\/strong><\/p>\n

 <\/span><\/p>\n

Answer:<\/strong>                     Yes, the company can file a declaration under Chapter VI of the
\nAct.  The
\nDirectors of the company shall not be liable for any offence under <\/span>the
\nIncome-tax Act, Wealth-tax Act, FEMA, Companies Act and the <\/span>Customs<\/span>  <\/span>Act<\/span> 
\n<\/span>in<\/span>  <\/span>respect<\/span>  <\/span>of<\/span> 
\n<\/span>declaration<\/span>  <\/span>made<\/span>  <\/span>in<\/span>  <\/span>the
\n<\/span> <\/span>name<\/span> 
\n<\/span>of<\/span>  <\/span>the <\/span>company.<\/p>\n

<\/span><\/p>\n

 <\/span><\/p>\n

Question No.3:<\/em><\/strong>         Whether immunity in respect of declaration made under the
\nscheme is <\/em><\/strong>provided in respect of Acts other than
\nthose mentioned in section 67 <\/em><\/strong>of the Act?<\/em><\/strong><\/p>\n

 <\/span> <\/p>\n<\/div>\n

\n

Answer:<\/strong>                     Section 67 provides immunity from prosecution under the five
\nActs viz. the Income-tax Act, Wealth-tax Act,
\nFEMA, Companies Act and  the Customs Act. It does not provide
\nimmunity from prosecution under any other Act. For example- if the
\nundisclosed asset has been acquired out of the proceeds of sale of
\nprotected animals the person will not be eligible for immunity under
\nthe Wildlife (Protection) Act, 1972.<\/p>\n

 <\/p>\n

Question No.4:<\/em><\/strong>         Whether  the  person 
\nmaking  the  declaration 
\nwill  be  provided <\/em><\/strong>immunity from the Prevention of Money
\nLaundering Act, 2002?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     The  offence  under 
\nthe  PMLA  arises 
\nwhile  laundering  money generated from the process or activity
\nconnected with the offences  specified 
\nin  the  schedule 
\nto  the  PMLA. 
\nTherefore,  the  primary requirement under PMLA is commission of a
\nscheduled offence. With the enactment of the Act, the offence of
\nwilful attempt to evade tax under section 51 of the Act has become a
\nscheduled offence under PMLA. However, where a declaration of an
\nasset has been duly made under section 59 of the Act the provisions
\nof section 51 will not be applicable 
\nin  respect  of 
\nthat  asset.  Therefore, 
\nPMLA  will  not  be applicable in respect of the scheduled
\noffence of wilful attempt to evade tax under section 51 of the Act in respect
\nof assets for which declaration is made under section 59 of
\nthe Act.<\/p>\n

 <\/p>\n

Question No.5:<\/em><\/strong>         Where an undisclosed foreign asset is declared under Chapter VI
\nof <\/em><\/strong>the Act and tax and penalty is paid on its
\nfair market value then will<\/em><\/strong> <\/p>\n

the declarant be liable for capital gains
\non sale of such asset in the <\/em><\/strong>future? 
\nIf  yes,  then 
\nhow  will  the 
\ncapital  gains  in 
\nsuch  case  be <\/em><\/strong>computed?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     Yes, the declarant will be liable for capital gains under the
\nIncome-tax Act on sale of such asset in future. As
\nper the current provisions of  the Income-tax Act, the capital gains is
\ncomputed by deducting cost of acquisition from the sale price. However,
\nsince the asset will be taxed at its fair market value the cost of
\nacquisition for the purpose of Capital Gains shall be the said fair
\nmarket value and the period of holding shall start from the date of
\ndeclaration of such asset under Chapter VI of the Act. <\/p>\n<\/div>\n

<\/p>\n

\n

<\/a>Question No.6:<\/em><\/strong>         Where
\na notice under section 142\/ 143(2)\/ 148\/ 153A\/ 153C of the <\/em><\/strong>Income-tax Act has been issued to a person
\nfor an assessment year <\/em><\/strong>will he be ineligible from voluntary
\ndeclaration under section 59 of <\/em><\/strong>the Act?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     The person will only be ineligible from declaration of those
\nforeign assets which have been acquired during the
\nyear for which a notice under 
\nsection  142\/  143(2)\/ 
\n148\/  153A\/  153C 
\nis  issued  and 
\nthe proceeding is pending before the Assessing
\nOfficer. He is free to declare other foreign assets which have
\nbeen acquired during other years for which no notice under above
\nreferred sections have been issued.<\/p>\n

 <\/p>\n

Question No.7:<\/em><\/strong>         As  per  section 
\n71(d)(i),  declaration  cannot 
\nbe  made  where 
\nan <\/em><\/strong>undisclosed  asset 
\nhas  been  acquired 
\nduring  any  previous 
\nyear <\/em><\/strong>relevant to an assessment year for which a
\nnotice under section 142, <\/em><\/strong>143(2), 148, 153A or 153C of the
\nIncome-tax Act has been issued. If the <\/em><\/strong>notice has been issued but not served on
\nthe declarant then how will <\/em><\/strong>he come to know whether the notice has
\nbeen issued?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     The declarant will not be eligible for declaration under
\nChapter VI of the Act where an undisclosed asset has
\nbeen acquired during anyprevious year relevant to any assessment
\nyear where a notice under section 142, 143(2), 148, 153A or 153C of the
\nIncome-tax Act has been issued and served on the declarant on or before 30th<\/sup> day of June, 2015.The declarant is required to file a
\ndeclaration regarding receipt of any such notice in Form 6. <\/p>\n

 <\/p>\n

Question No. 8:<\/em><\/strong>        Where
\nan undisclosed foreign asset has been acquired partly during a <\/em><\/strong>previous year relevant to the assessment
\nyear which is pending for <\/em><\/strong>assessment and partly during other years
\nnot pending for assessment <\/em><\/strong>then whether such asset is eligible for
\ndeclaration under Chapter VI <\/em><\/strong>of the Act?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     In  the  case 
\nwhere  proceedings  are 
\npending  before  an 
\nAssessing Officer in pursuance of a notice under
\nsection 142, 143(2), 148, 153A or 153C 
\nof  the  Income-tax 
\nAct  served  on 
\nor  before  30-06-2015, 
\nthe declarant may declare the undisclosed
\nasset under Chapter VI of the Act. 
\nHowever,  while  computing 
\nthe  amount  of 
\ndeclaration  the investment made in the asset during the
\nprevious year relevant to the assessment year for which such notice is
\nissued needs to be deducted from the fair market value of the asset
\nfor which the person shall provide 
\na  computation  alongwith 
\nthe  declaration.  Further, 
\nsuch investment which is deducted from the fair
\nmarket value shall be assessable in the assessment of the
\nrelevant assessment year pending under the Income-tax Act and the person shall inform the
\nAssessing Officer the investment made during the
\nrelevant year in such asset. <\/p>\n<\/div>\n

\n

Also to clarify, where a notice under
\nsection 142, 143(2), 148, 153A or 153C of the Income-tax Act  is issued 
\non  or  after 
\n30-06-2015, the declarant shall be eligible to declare
\nfull value of asset even if such asset (or part of such asset) is acquired
\nin the previous year relevant to the assessment year for which such
\nnotice is issued.<\/p>\n

 <\/p>\n

Question No.9:<\/em><\/strong>         Can
\na declaration be made of undisclosed foreign assets which have <\/em><\/strong>been assessed to tax and the case is
\npending before an Appellate <\/em><\/strong>Authority?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     As per section 65 of the Act, the declarant is not entitled to re-open any assessment or reassessment made under
\nthe Income-tax Act.  Therefore, he is not entitled to avail the
\ntax compliance in respect of those assets. However, he can voluntarily
\ndeclare other undisclosed oreign assets which have been acquired or
\nmade from income not disclosed and consequently not assessed
\nunder the Income-tax Act.<\/p>\n

 <\/p>\n

Question No.10:<\/em><\/strong>       Can a person against whom a search\/ survey operation has been <\/em><\/strong>initiated file voluntary declaration under
\nChapter VI of the Act?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     (a) The person is not eligible to make a declaration under
\nChapter VI if a search has been initiated and the
\ntime for issuance of notice under  <\/p>\n

section 153A has not expired, even if such
\nnotice for the relevant assessment year has not been issued. In
\nthis case, however, the person is eligible to file a declaration in
\nrespect of an undisclosed foreign asset acquired in any previous year in
\nrelation to an assessment year which is prior to assessment years
\nrelevant for the purpose of notice under section 153A. <\/p>\n

(b) In case of survey operation the person
\nis barred from making adeclaration  under 
\nChapter  VI  in 
\nrespect  of  an 
\nundisclosed  asset acquired in the previous year in which the
\nsurvey was conducted.  The person is, however, eligible to make a
\ndeclaration in respect of an undisclosed asset acquired in any other
\nprevious year. <\/p>\n<\/div>\n

\n

Question
\nNo. 11: Where a search\/ survey operation was conducted and the assessment has
\nbeen completed but the undisclosed foreign asset was not taxed, then whether
\nsuch asset can be declared under Chapter VI of the Act?<\/em><\/strong> <\/p>\n

Answer:<\/strong>Yes, such undisclosed asset can be
\ndeclared under Chapter VI of the Act.<\/p>\n

 <\/p>\n

Question
\nNo.12: Whether a person is barred from voluntary declaration under Chapter VI
\nof the Act if any information has been received by the Government under DTAA?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>As per section 71(d)(iii), the person
\ncannot make a declaration of an undisclosed foreign asset where the Central
\nGovernment has received an information in respect of such asset under the DTAA.
\nThe person is entitled for voluntary declaration in respect of other
\nundisclosed foreign assets for which no information has been received.<\/p>\n

 <\/p>\n

Question
\nNo.13: How would the person know that the Government has received information
\nof an undisclosed foreign asset held by him which will make the declaration
\nineligible?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>The person may not know that the
\nGovernment has information about undisclosed foreign asset held by him if the
\nsame has not been communicated to him in any enquiry\/proceeding under the
\nIncome-tax Act. After the person has filed a declaration, which is to be filed
\nlatest by 30th<\/sup> September, 2015, he will be issued
\nintimation by the Principal Commissioner\/Commissioner by 31th<\/sup> October, 2015, whether any information has been received by
\nthe Government and consequently whether he is eligible to make the payment on
\nthe declaration made. If no information has been received up to 30th<\/sup> June, 2015 by the Government in respect of such asset the
\nperson will be allowed a time upto 31st<\/sup> December, 2015 for payment of tax and
\npenalty in respect of the declared asset.<\/p>\n

 There may be a case where person makes
\ndeclaration in respect of 5 assets whereas the Government has information about
\nonly 1 asset. In such situation the person will be eligible to declare the
\nbalance 4 assets under Chapter VI of the Act. In such case the declarant, on
\nreceipt of intimation by the Principal Commissioner\/Commissioner, shall revise
\nthe declaration made within 15 days of such receipt of intimation to exclude the asset which is
\nnot eligible for declaration. <\/p>\n<\/div>\n

\n

 <\/p>\n

Tax and penalty on the eligible assets
\nunder the Act shall be payable in respect of the revised declaration by
\n31 st<\/sup>  of December, 2015. In respect of the ineligible assets
\nprovisions of the Income-tax Act shall apply. (Please also see answer to question
\nno. 15)<\/p>\n

 <\/p>\n

Question No.14:<\/em><\/strong>       What
\nare the consequences if no declaration under Chapter VI of the <\/em><\/strong>Act is made in respect of undisclosed
\nforeign assets acquired prior to<\/em><\/strong><\/p>\n

 the commencement of the Act?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     As per section 72(c), where any asset has been acquired prior
\nto the commencement of the Act and no declaration
\nunder Chapter VI of the <\/p>\n

 <\/p>\n

Act is made then such asset shall be
\ndeemed to have been acquired in the year in which it comes to the notice
\nof the Assessing Officer and  the provisions of the Act shall apply
\naccordingly. India is expected to start receiving
\ninformation through Automatic Exchange of Information (AEOI) route under
\nFATCA from USA later in the year 2015. Further, under the
\nmultilateral agreement India will start receiving information from other
\ncountries under AEOI route from 2017 onwards. As at 18th<\/sup> March 2015, 58 jurisdictions (including India) have committed to share information
\nunder AEOI by 2017 and  36 
\njurisdictions  have  committed 
\nto  share  by 
\n2018,  including jurisdictions  which 
\nhave  beneficial  tax 
\nregime.  The  multilateral agreement is expected to cover all the
\ncountries in the near future. The 
\ninformation  under  the 
\nAEOI  will  include 
\ninformation  of controlling persons (beneficial owners) of
\nthe asset. The possibility of discovery of an undisclosed asset may
\narise at any time in the future; say 
\nfor  example,  information 
\nof  an  immovable 
\nproperty  can  be unearthed 
\nif  any  utility 
\nbills\/property  tax  or 
\neven  gardener\u2019s\/ caretaker\u2019s salary has been paid through
\nan existing or closed bank account. Therefore, if any information of
\nan undisclosed foreign asset acquired earlier, say in the year 1975,
\nfor $ 100,000 comes to the notice of an Assessing Officer later, say in the
\nyear 2020, when its value becomes, say, $ 5 Million, the liability
\nunder the Act amounting to 120 percent of the fair market value of the asset on the valuation
\ndate may arise in the year 2020, besides
\nprosecution and other consequences. In this case if the valuation date is in the
\nyear 2020 the amount of tax and penalty under the Act will be $ 6 Million.<\/p>\n

 <\/p>\n

Question No.15:<\/em><\/strong>       If a
\ndeclaration of undisclosed foreign asset is made under Chapter VI <\/em><\/strong>of the Act and the same was found
\nineligible due to the reason that <\/em><\/strong>Government
\nhad prior information under DTAA then will the person <\/em><\/strong>be liable for consequences under the Act?<\/em><\/strong><\/p>\n<\/div>\n

<\/p>\n

 <\/p>\n

Answer:<\/strong>                     In respect of such assets which have been duly declared in good
\nfaith under the tax compliance but not found
\neligible, he shall not be hit by section 72(c) of the Act and no action
\nlies in respect of such assets under 
\nthe  Act.  However, 
\nsuch  information  may  be
\n used 
\nfor  the purpose of the Income-tax Act.<\/p>\n

 <\/p>\n

Question No.16:<\/em><\/strong>       In respect of the undisclosed foreign assets referred to in
\nanswer to <\/em><\/strong>question No. 15 above, where the
\nproceedings under the Income-tax <\/em><\/strong>Act are initiated, can the options of
\nsettlement commission etc. under <\/em><\/strong>the Income-tax Act be availed in respect
\nof such assets?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     All the provisions of the Income-tax Act shall be applicable in
\nrespect of those assets. <\/p>\n

 <\/p>\n

Question No.17:<\/em><\/strong>       A person has some undisclosed foreign assets. If he declares
\nthose <\/em><\/strong>assets in the Income-tax Return for
\nassessment year 2015-16 or say <\/em><\/strong>2014-15 (in belated return) then should he
\nneed to declare those assets <\/em><\/strong>in the voluntary tax compliance under
\nChapter VI of the Act?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     As per the Act, the undisclosed foreign asset means an asset
\nwhich is unaccounted\/ the source of investment in
\nsuch asset is not fully explainable. Since an asset reported in
\nSchedule FA does not form part of computation of total income in the
\nIncome-tax Return and consequently does not get taxed, mere
\nreporting of a foreign asset in Schedule 
\nFA  of  the 
\nReturn  does  not 
\nmean  that  the 
\nsource  of investment in the asset has been
\nexplained. The foreign asset is liable to be taxed under the Act (whether
\nreported in the return or not) if the source of investment in such asset is
\nunexplained. Therefore, declaration should be made under Chapter
\nVI of the Act in respect of all 
\nthose  foreign  assets 
\nwhich  are  unaccounted\/ 
\nthe  source  of all 
\nthose  foreign  assets 
\nwhich  are  unaccounted\/ 
\nthe  source  of investment in such asset is not fully
\nexplainable.<\/p>\n

 <\/p>\n

Question No.18:<\/em><\/strong>       A person holds certain foreign assets which are fully explained
\nand <\/em><\/strong>acquired out of tax paid income. However,
\nhe has not reported these <\/em><\/strong>assets in Schedule FA of the Income-tax Return in the past.
\nShould he <\/em><\/strong>declare such assets under Chapter VI of
\nthe Act?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     Since,  these  assets 
\nare  fully  explained 
\nthey  are  not 
\ntreated  as undisclosed foreign assets and should not
\nbe declared under Chapter  VI of the Act. However, if these assets
\nare not reported in Schedule FA of the Income-tax Return for assessment
\nyear 2016-17 (relating to previous 
\nyear  2015-16)  or 
\nany  subsequent  assessment 
\nyear  by  a person, being a resident (other than not
\nordinarily resident), then he shall be liable for penalty of Rs. 10
\nlakhs under section 43 of the Act. The penalty is, however, not applicable in
\nrespect of an asset being one or more foreign bank accounts having
\nan aggregate balance notexceeding an amount equivalent to Rs. 5
\nlakhs at any time during the previous year.exceeding an amount equivalent to Rs. 5
\nlakhs at any time during the previous year.<\/p>\n<\/div>\n

<\/p>\n

 <\/p>\n

Question No.19:<\/em><\/strong>       A
\nperson has a foreign bank account in which undisclosed income has <\/em><\/strong>been deposited over several years. He has
\nspent the money in the<\/em><\/strong><\/p>\n

 account over these years and now it has a
\nbalance of only $500. Does <\/em><\/strong>he need to pay tax on this $500 under the
\ndeclaration?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     Section 59 of the Act provides for declaration of an
\nundisclosed asset and not income. In this case the Bank
\naccount is an undisclosed asset <\/p>\n

which may be declared. Tax on undisclosed
\nasset is required to be paid on its fair market value. In case of
\na bank account the fair market  value is the sum of all the deposits made
\nin the account computed in accordance with Rule 3(1)(e). Therefore,
\ntax and penalty needs to be paid on such fair market value and not on
\nthe balance as on date.<\/p>\n

 <\/p>\n

Question
\nNo. 20:    A person held a foreign bank
\naccount for a limited period between <\/em><\/strong>1994-95 and 1997-98 which was unexplained.
\nSince such account was<\/em><\/strong> <\/p>\n

closed in 1997-98 does he need to declare
\nthe same under Chapter VI <\/em><\/strong>of the Act?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     Section 59 of the Act provides that the declaration may be made
\nof any undisclosed foreign asset which has
\nbeen acquired from income <\/p>\n

which has not been charged to tax under
\nthe Income-tax Act. Since the investment in the bank account was unexplained and was from untaxed income the same may be declared
\nunder Chapter VI of the Act. The consequences of non-declaration
\nmay arise under the Act at any time in the future when the
\ninformation of such account comes to the notice of the Assessing Officer.the notice of the Assessing Officer<\/p>\n

 <\/p>\n

Question No.21:<\/em><\/strong>       A
\nperson inherited a house property in 2003-04 from his father who is <\/em><\/strong>no more. Such property was acquired from
\nunexplained sources of investment. The property was sold by the person in
\n2011-12. Does he need to declare such property under Chapter VI of the Act and
\nif yes<\/a> then, what will be the fair market value of such
\nproperty for the purpose of declaration?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     Since the property was from unexplained sources of investment
\nthe same may be declared under Chapter VI of
\nthe Act. However, the  declaration in this case needs be made by
\nthe person who inherited the property in the capacity of legal representative of his
\nfather. The fair market value of the property in his
\ncase shall be higher of its cost of acquisition and the sale price as per
\nRule 3(2) of the Rules.<\/p>\n

 <\/p>\n

Question No.22:<\/em><\/strong>       A
\nperson acquired a house property in a foreign country during the <\/em><\/strong>year 2000-01 from unexplained sources of
\nincome. The property was<\/em><\/strong><\/p>\n

sold in 2007-08 and the proceeds were
\ndeposited in a foreign bank <\/em><\/strong>account. Does he need to declare both the
\nassets under Chapter VI of <\/em><\/strong>the Act and pay tax on both the assets?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     The declaration may be made in respect of both the house
\nproperty and the bank account at their fair market
\nvalue. The fair market value <\/p>\n

of the house property shall be higher of
\nits cost and the sale price, less amount deposited in bank account. If the
\ncost price of the house property is higher the declarant will be required  to pay tax and penalty on (cost price \u2013 sale price) of
\nthe house. If the sale price of the house property is higher the fair market
\nvalue of the house property shall be nil as full amount was deposited
\nin the bank account. The fair market value of the bank account shall be
\nas determined under Rule 3(1)(e) and tax and penalty shall be paid
\non this amount. (Please also refer to the illustration under Rule 3(3)
\nfor computation of fair market value.)<\/p>\n

 <\/p>\n

Further, it is advisable to declare all
\nthe undisclosed foreign assets even if the fair market value as computed
\nin accordance with Rule 3 comes to nil. This may avoid initiation of
\nany inquiry under the Act in the future in case such asset comes to the
\nnotice of the Assessing Officer.<\/p>\n

 <\/p>\n

Question No.23:<\/em><\/strong>       A person is a non-resident. However, he was a resident of India <\/em><\/strong>earlier and had acquired foreign assets
\nout of income chargeable to <\/em><\/strong>tax in India which was not declared in the
\nreturn of income or no <\/em><\/strong>return was filed in respect of that
\nincome. Can that person file a <\/em><\/strong>declaration under Chapter VI of the Act?<\/em><\/strong> <\/p>\n<\/div>\n

<\/p>\n

\n

<\/a>Answer:<\/strong>                     Section 59 provides that a declaration may be made by any
\nperson of an undisclosed foreign asset acquired from
\nincome chargeable to tax<\/p>\n

under the Income-tax Act for any
\nassessment year prior to assessment year 2016-17. Since the person was a
\nresident in the year in which he had acquired foreign assets (which were
\nundisclosed) out of income chargeable to tax in India, he is eligible
\nto file a declaration under section 59 in respect of those assets
\nunder Chapter VI of the Act.<\/p>\n

 <\/p>\n

Question No.24:<\/em><\/strong>       A person is a resident now. However, he was a non-resident
\nearlier <\/em><\/strong>when he had acquired foreign assets (which
\nhe continues to hold now)<\/em><\/strong><\/p>\n

 out of income which was not chargeable to
\ntax in India. Does the <\/em><\/strong>person need to file a declaration in
\nrespect of those assets under <\/em><\/strong>Chapter VI of the Act?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:<\/strong>                     No. Those assets do not fall under the definition of
\nundisclosed assets under the Act. <\/p>\n

 <\/p>\n

Question
\nNo. 25:    If a person has 3 undisclosed
\nforeign assets and declares only 2 of <\/em><\/strong>those under Chapter VI of the Act, then
\nwill he get immunity from the <\/em><\/strong> <\/p>\n

Act in respect of the 2 assets declared?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:                     It is expected that one should declare all his undisclosed
\nforeign assets. However, in such a case the person
\nwill get immunity under <\/p>\n

the provisions of the Act in respect of
\nthe two assets declared under Chapter VI of the Act and no immunity will
\nbe available in respect of <\/p>\n

the third asset which is not declared.<\/p>\n

Question No. 26:    A
\nresident earned income outside India which has been deposited in <\/em><\/strong>his foreign bank account. The income was
\ncharged to tax in the<\/em><\/strong><\/p>\n

foreign country when it was earned but the
\nsame was not declared in <\/em><\/strong>the return of income in India and consequently
\nnot taxed in India. <\/em><\/strong>Does he need to disclose such income under
\nChapter VI of the Act? <\/em><\/strong>Will he get credit of foreign tax paid?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:                     Declaration under Chapter VI is to be made of an undisclosed
\nforeign asset. In this case, the person being a
\nresident of India, the foreign <\/p>\n

bank account needs to be declared under
\nChapter VI as it is an undisclosed asset and acquired from income
\nchargeable to tax in India. The fair market value of the bank
\naccount shall be determined as per Rule 3(1)(e). No credit of foreign
\ntaxes paid shall be allowable in India as section 84 of the Act does not
\nprovide for application of sections 90(1)(a)\/90(1)(b)\/ 90A(1)(a)\/
\n90A(1)(b) of the Income-tax Act (relating to credit of foreign tax paid) to the Act. Further,
\nsection 73 of the 
\nAct  does  not 
\nallow  agreement  with 
\nforeign  country  for 
\nthe purpose of granting relief in respect of
\ntax chargeable under the Act. purpose of granting relief in respect of
\ntax chargeable under the Act.<\/p>\n<\/div>\n

\n

 <\/p>\n

Question No. 27:    Can a
\nperson declare under Chapter VI his undisclosed foreign assets <\/em><\/strong>which have been acquired from money earned
\nthrough corruption?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:                     No. As per section 71(b) of the Act, Chapter VI shall not
\napply, inter- <\/em>alia, <\/em>in
\nrelation to prosecution of any offence punishable under the <\/p>\n

Prevention of Corruption Act, 1988.
\nTherefore, declaration of such asset 
\ncannot  be  made 
\nunder  Chapter  VI. 
\nHowever,  if  such  a declaration  is 
\nmade  and  in  an  event 
\nit  is  found 
\nthat  the  asset represented money earned through
\ncorruption it would amount to misrepresentation of facts and the
\ndeclaration shall be void under section 68 of the Act. If a declaration is
\nheld as void, the provisions of the Act shall apply in respect of such
\nasset as they apply in relation to any other undisclosed foreign asset.<\/p>\n

 <\/p>\n

Question
\nNo. 28:    If a foreign asset has been
\nacquired partly out of undisclosed income <\/em><\/strong>chargeable to tax and partly out of
\ndisclosed income\/exempt income <\/em><\/strong>(tax paid income) then whether that
\nforeign asset will be treated as <\/em><\/strong>undisclosed? Whether declaration under
\nChapter VI needs to be made <\/em><\/strong>in respect of such asset? If yes, what
\namount should be disclosed?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:                     As per section 5 of the Act, in computing the value of an
\nundisclosed foreign asset any income which has been assessed
\nto tax under the Income-tax Act from which that asset is
\nacquired shall be reduced from the value of the undisclosed foreign
\nasset. Only part of the investment is such foreign asset is
\nundisclosed (unexplained) hence declaration of such foreign asset may be
\nmade under Chapter VI of the Act. The amount of declaration shall
\nbe the fair market value of such asset as on 1st<\/sup> July, 2015 as reduced by the amount
\ncomputed in accordance with section 5 of the Act.<\/p>\n

 <\/p>\n

Question
\nNo. 29:    Whether for the purpose of
\ndeclaration, the undisclosed foreign asset <\/em><\/strong>should be held by the declarant on the
\ndate of declaration?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:                     No, there is no such requirement. The declaration may be made
\nif the foreign asset was acquired out of
\nundisclosed income even if the same has
\nbeen disposed off and is not held by the declarant on the date of declaration. <\/p>\n<\/div>\n

\n

Question No. 30: Whether at the time of declaration under
\nChapter VI, will the Principal Commissioner\/Commissioner do any enquiry in
\nrespect of <\/em><\/strong>the declaration made?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:                     After  the  declaration 
\nis  made  the 
\nPrincipal  Commissioner\/Commissioner  will 
\nenquire  whether  any 
\ninformation  has  been received by the competent authority in
\nrespect of the asset declared.  Apart from this no other enquiry will be
\nconducted by him at the time of declaration.<\/p>\n

 <\/p>\n

Question
\nNo. 31:    A  person 
\nis  a  beneficiary 
\nin  a  foreign 
\nasset.  Is  he 
\neligible  for <\/em><\/strong>declaration under section 59 of the Act?<\/em><\/strong><\/p>\n

 <\/p>\n

Answer:                     As far as ownership is concerned, as per section 2(11) of the
\nAct \u201cundisclosed asset located outside India\u201d
\nmeans an asset held by the person in his name or in respect of which
\nhe is a beneficial owner. The definition 
\nof \u201cbeneficial  owner\u201d  and \u201cbeneficiary\u201d  is provided 
\nin explanation <\/em>4 and Explanation <\/em>5 to section 139(1) of the Income-tax
\nAct,respectively (which is at variance with
\nthe determination of beneficial  wnership provided under Rule 9(3) of the
\nPMLA (Maintenance of Records) 
\nRules,  2005).  Therefore, 
\nfor  the  purpose 
\nof  the  Act \u201cbeneficial owner\u201d in respect of an asset
\nmeans an individual who has provided, rectly or indirectly,
\nconsideration for the asset for the immediate or future benefit, direct or
\nindirect, of himself or any other person. 
\nFurther,  \u201cbeneficiary\u201d  in 
\nrespect  of  an 
\nasset  means  an individual who derives benefit from the
\nasset during the previous year and the consideration for such asset
\nhas been provided by any person other than such beneficiary. Therefore,
\nas per the Act the beneficial owner is eligible for
\ndeclaration under section 59 of the Act.<\/p>\n

 <\/p>\n

There may be a case where a person is
\nlisted as a beneficiary in a foreign asset, however, if he has provided consideration for
\nthe asset,  directly  or 
\nindirectly, he  will  be 
\ncovered under  the  definition 
\nof beneficial owner for the purposes of the
\nAct.<\/p>\n

 <\/p>\n

Question No. 32:    A
\nperson was employed in a foreign country where he acquired or <\/em><\/strong>made an asset out of income earned in that
\ncountry. Whether such<\/em><\/strong><\/p>\n

asset is required to be declared under
\nChapter VI of the Act?<\/em><\/strong><\/p>\n<\/div>\n

<\/p>\n

<\/a> <\/p>\n

Answer:                     If the person, while he was a non-resident in India, acquired
\nor made a foreign asset out of income which is not chargeable to tax in
\nIndia,  <\/p>\n

such asset shall not be an undisclosed
\nasset under the Act.However, if income was accrued or received
\nin India while he was non-resident, such income is chargeable to
\ntax in India. If such income was not disclosed in the return of income
\nand the foreign asset was  acquired  from  such 
\nincome  then  the 
\nasset  becomes  undisclosed foreign asset and the person may declare
\nsuch asset under Chapter VI of the Act.<\/p>\n

 <\/p>\n

(Gaurav
\nKanaujia) Director to the Government of India<\/p>\n

 <\/p>\n

Copy to:-<\/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","protected":false},"excerpt":{"rendered":"

                Circular No. 13 of 2015   F. No. 142\/18\/2015-TPL   Government of India Ministry of Finance   Department of Revenue Central Board of Direct Taxes   (TPL Division)   ***   Dated 6th of July, 2015   Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets … 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],"yoast_head":"\nClarifications on Tax Compliance for Undisclosed Foreign Income and Assets - 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\/clarifications-on-tax-compliance-for-undisclosed-foreign-income-and-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets - All About Finance\" \/>\n<meta property=\"og:description\" content=\"                Circular No. 13 of 2015   F. 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