In a bid to facilitate the one-time compliance window to come clean on undisclosed foreign assets and incomes, the government will on Friday notify the rules and the details a person has to submit while declaring these assets under the new Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act.
The details to be filled in the form will include the current status of the assets, whether in possession or sold. These will in detail explain how one has to assess the tax liability along with furnishing extensive details of these assets based on a set of Frequently Asked Questions (FAQs).
“To furnish these details, the tax department will come out with one or two separate forms similar to the income tax return form with annexures which will also be notified tomorrow,” a source privy with the matter said on Thursday.
The revenue department will soon come out with the detailed “Frequently Asked Questions” which will be a ready reckoner to help in assessing with regard to declaration of undisclosed assets, payment of tax and penalty applicability in a day or two, source said.
The tax department will also create one separate wing which will be headed by one commissioner rank tax official to begin with who will be housed in Delhi.
“For a tight cross-checking of the details submitted in the disclosure the department will have only one commissioner and later on depending upon the number of cases and the need, the department will allocate another commissioner in Mumbai,” the source added.
This commissioner will cross-check of the data submitted by the filer.