BLACKMONEY: E-FILING LINK TO DECLARE ILLEGAL ASSETS LAUNCHED

The Income Tax department has launched a link for e-filling on its official website for declaring illegal foreign assets and black money using the one-time compliance window notified recently by government. The link has been provided on the official e-filing portal of the department- https://incometaxindiaefiling.gov.in. The relevant 'FORM 6' can be used to declare undisclosed assets under the compliance window of the new anti-black money law. According to the scheme, such a declaration filed online by an individual or entity will have to mandatory bear a "digital signature" for validation. The new two-page form brought out for this purpose has been categorized as 'FORM 6' and has a three-page annexure for the "statement of undisclosed assets located outside India". Those availing the one-time 'compliance window' would be required to pay a tax of 30% and a penalty of a similar amount. 

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