Black money window: Tax regulator issues fresh FAQs, PAN mandatory

The Central Board of Direct Taxes (CBDT) on Monday issued a set of fresh FAQs to clarify doubts about the processes of the one-time black money window as it stated that furnishing PAN number would be mandatory for the declarant, while cases of non-filing of ITRs would be eligible to apply but with certain conditions.

This is the second set of clarifications or Frequently Asked Questions (FAQs) issued by the CBDT and this time a total of 11 queries have been answered compared to 14 released by the tax regulator in May.  To a question if the Permanent Account Number (PAN) is mandatory for making a declaration under the Income Declaration Scheme (IDS), the FAQ states a categorical “Yes”.

“PAN is the unique identifier for all direct tax purposes. This is also necessary in order to claim the benefits and immunities available under the scheme,” it said.

The FAQs added the IDS is “available to every person, whether resident or non-resident”. It said people against whom the I-T department has conducted searches and a notice under Section 153A of the I-T Act for assessment of income “can be issued”, such persons are not eligible to participate in the IDS. It added that declaration of assets by a firm, which has been amalgamated or converted into Limited Liability Partnership (LLP), is to be made “in the name” of the said amalgamated company or LLP for the year in which such a conversion takes place.