The Income Tax department has launched a e-filing link on its official website for declaring illegal foreign assets and black money using the one-time compliance window notified recently by government.
“The link has been provided on the official e-filing portal of the department-https://incometaxindiaefiling.gov.in. The relevant ‘Form 6’ can be used to declare undisclosed assets under the compliance window of the new anti-black money law,” a senior official said.
According to the scheme, such a declaration filed online by an individual or entity will have to mandatorily bear a”digital signature” for validation.
A digital signature authenticates electronic documents in a similar manner as a handwritten signature validates printed or hand-written documents. It cannot be forged and it asserts that a named person wrote or otherwise agreed to the document to which the signature is attached.
“The department has provided this facility as the compliance window is valid only till September 30 and the e-filing system provides the required secrecy and speed,” the official said.
The new two-page form brought out for this purpose has been categorised as ‘Form 6’ and has a three-page annexure for the “statement of undisclosed assets located outside India”.
Those who want to manually file such a declaration, the Central Board of Direct Taxes (CBDT), apex policy making body of the tax department, has already notified a Commissioner of I-T in the national capital for the same.
The government had notified the three-month compliance window beginning July 1. The tax and penalty on such declared assets or funds can be paid till December 31.
Those availing the one-time ‘compliance window’ would be required to pay a tax of 30 per cent and a penalty of a similar amount.
The compliance window is part of the new anti-black money law that was passed by Parliament in May.
Those holding illegal foreign assets abroad and not disclosing it by September 30 will have to face action under stringent anti-money laundering laws, the taxman has warned.
The department, in a public advertisement brought out yesterday in national dailies, had said people not disclosing illegal foreign assets will be “liable for tax and penalty totalling 120 per cent of the value of undisclosed asset, rigorous imprisonment up to 10 years and action under Prevention of Money Laundering Act.”
