This circular provides information about the last date for declaring foreign bank accounts and assets under the Black Money Act. It notes that the last date for declaration is September 30th, 2015. It warns that failure to declare or incorrectly declaring foreign assets and income can result in heavy penalties like minimum fines of 50,000 rupees, imprisonment of at least 6 months up to a maximum of 7 years. Willful evasion of taxes related to foreign assets can result in imprisonment from 3 to 10 years. It urges anyone with foreign accounts from prior employment, education or business overseas to carefully declare their foreign assets and income to avoid penalties.
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Last date alert
1. E-‐circular
dated
25th
September
2015
Last
Date
Alert
Black
Money
Act….
&
…
Balance
Sheets
Last
few
days
le:
2. Integrated
Associa<on
of
Micro,
Small
&
Medium
Enterprises
of
India
www.iamsmeofindia.com
and
Faridabad
Small
Industries
Associa<on
Plot
No.
66,
Sector
27-‐A,
Faridabad-‐
121003,
Haryana,
India
E-‐mail:
info@iamsmeofindia.com,
+91-‐9711101666
(COO)
Rajiv
Chawla
Chairman,
IamSMEofIndia
President,
FSIA
Sangeet
Kr
Gupta
Hon.
Consultant,
IamSMEofIndia
&
FSIA
3. Black
Money
Act
…
Last
5
days
for
the
DeclaraVon
• If
even
innocently
you
have
any
bank
account
abroad,
• That
you
opened
when
you
used
to
live
abroad,
or
work
abroad
• Declare
it
now
• …..
• Last
date
30-‐9-‐2015
5. Sec.50
:
PenalVes
for
empty
or
incorrect
filling
of
Foreign
assets/foreign
income
return
• Punishment
for
failure
to
file
income
tax
return,
showing
the
foreign
assets
/
income
• Fine
Rs
50000
minimum
• Minimum
6
months
in
Jail
• Max
Upto
7
years
6. Sec.51
:
PenalVes
for
willful
evasion
• If
willful
evasion
of
Indian
Taxes
is
“proved”
• Minimum
3
years
in
Jail
• Max
Upto
10
years
7. Compliance
is
very
easy
• Just
do
your
calculaVons
• Contact
any
professional
who
has
experience
of
this
declaraVon
• And
file
the
“Form
6”,
along
with
evidences.
8. Note
• Note
:
It
may
merely
be
“declaraVon”
• Pay
tax
only
if
required
as
per
law
• You
get
extra
90
days
to
pay
the
tax
(31st
December
15)
9. Who
is
affected
?
..
Any
person
you
know,
who
Employee
went
abroad
for
job
and
sVll
has
bank
account
there
Student
went
abroad
for
Studies
and
sVll
has
bank
account
there
Are
a
Signatory
in
any
Foreign
JV
/
Company
/
any
assets
10. What
to
do
?
Contact
your
friendly
CA
Team
Disclose
your
assets,
your
past
Take
Correct
advice
Take
urgent
acVon
11. Remember
• Remember
• Ignorance
of
Law
is
not
an
“excuse”.
• Remember
• If
somebody
is
foreign
naVonal
/
Green
Card
holder
/
lives
abroad
permanently,
then
don’t
worry,
it
does
not
apply
to
them.
12.
13. Income
Tax
Returns
–
Audit
Cases
• All
large
Business
Income
tax
returns
and
company
returns
• Due
date
is
30th
Sept
2015
• For
income
tax
• And
Government
has
noVfied
that
the
last
date
will
not
be
extended
• So,
last
few
days,
do
it
now.