Last date alert
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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
- 4. There are Heavy PenalVes….
- 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.
- 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.
- 14. Meet the deadlines….. Now.