Black money compliance window: Declaration of overseas stash can be done online
6 July 2015 6:37 AM IST
Those wanting to utilise the recently notified one-time black money compliance window can also use the e-filing facility of the tax department to declare their foreign-based untaxed assets apart from the manual filing and committing of these stash properties.
According to the scheme under the window, such a declaration can be filed online by an individual or entity and mandatorily will have to carry a "digital signature" to validate it. A digital signature authenticates electronic documents in a similar manner as a handwritten signature validates printed or hand-written documents. This signature cannot be forged and it asserts that a named person wrote or otherwise agreed to the document to which the signature is attached.
"The facility to file the overseas black money declaration is provided with an aim that anyone who wants to use the window for declaring unreported assets can do it with maximum secrecy and in quick time. "Submitting the document manually or sending it by post to the nodal office in Delhi are also options provided in the scheme but e-filing is the <g data-gr-id="16">most easy</g> and secure way. The entire work of the compliance window has been kept strictly confidential," a senior official said.
‘Compliance window not revenue mobilisation measure’
The one-time compliance window provided to undisclosed foreign asset holders to come clean under the black money law is not a revenue mobilisation exercise, Revenue Secretary Shaktikanta Das has said. "Compliance window is not meant to be a revenue mobilisation measure. It is the last opportunity for those having undeclared assets abroad to come clean," Das told a news <g data-gr-id="42">agency,</g> when asked how much the government is targeting to collect from the disclosures. He did not comment on the amount the government expects during the 90-day voluntary disclosure window. Another official said the government has not put any target for unearthing black money during this period.
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