The Income Tax department has set up a
special office in the national capital for those wanting to utilize the
recently notified one-time black money compliance window and declare their
untaxed assets.
The Central Board of Direct Taxes (CBDT),
the apex policy making body of the IT department, has posted an officer with
the rank of Senior Commissioner to handle all the applications and process the
declarations made in this regard to the department, sources said.
The Commissioner of Income Tax (International
Tax) -2, has been designated to receive the declarations, a government notification
said.
"As of now, there will be only
one office and a Senior Commissioner rank officer to handle these applications.
If it is felt that more officers are required some more officials would be
deputed," they said.
The CBDT has recently notified the
three month compliance window beginning July 1. The tax and penalty on such
funds can be paid till December 31.
Those availing the onetime 'compliance
window' would be required to pay a tax of 30 per cent and a penalty of a
similar amount.
The compliance window is part of the
new anti-black money law that was passed by Parliament in May and notified on
May 26 after the President's assent.
Undisclosed overseas assets such as
immovable property, jewellery, shares and art works will be valued at fair
market price for the purpose of tax and penalty under the new act. (PTI Economic
Times).
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