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Undisclosed Foreign Assets & Accounts - Final Opportunity In IndiaBlack Money (Undisclosed Foreign Income and Assets) and imposition of Tax Rules, 2015 One-time compliance window under the Black Money (Undisclosed Foreign Income and Assets) and imposition of Tax Act, 2015 has been notified. Anyone having anundisclosed bank accountabroad will now have to pay tax and a penalty on the sum of deposits made since opening the account.Further, through this compliance window the account holder gets an opportunity to declare undisclosed assetsabroad by September, 30th and a gets further three month by December, 31st to pay the tax and penalty. The rate of tax is 30 per cent, with an equal amount payable as penalty.For valuation of bank accounts, it has been made clear that only fresh deposits since the date of opening will be taken into account after due adjustments. The rules also prescribe valuationnorms for jewellery and bullion (including precious stones), immovable property, archaeological collections and paintings, shares (both listed and unlisted), as well as bank accounts. For bullion, jewellery and precious stones, the value will be higher than the cost of acquisition. It will be the price that the said article would fetch if sold in the open market on the valuation date. The assessee can get the valuation done by a valuer recognized government of a country. The same principles will be followed for valuing immovable property collections, drawings, paintings and sculptures or work of art.The Reserve Bank’s reference rate of the date of valuation will be used for converting the value of foreign assets and income into rupees.If once the window closes and last opportunity is missed the rate of tax will remain at 30 per cent but the penalty will be three time the tax – or 90 per cent – besides criminal prosecution and jail term.
I think that working people should be honest before the country, before the law and yourself and have to pay the taxes. It does not matter what are you doing and where you work, it does not matter you got quick application loans or credits in banks it is your responsibility to pay debts and taxes. And especially income or finance of the offshore companies should be transparent. It is your life and only you can decide to live in a fair world and give the best future for your children or spend the rest of the life in the jail.