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NRIs will be under glare for their undisclosed properties and bank accounts created during the years when they were ‘residents’.
Black money continues to be a bee in the government’s bonnet. It will change the law to go after Indians who have settled abroad to get the NRI tag and escape tax on hidden income. And, in a quasi-amnesty scheme, individuals and companies who had declared cash hoards after Demonetisation, will get a second chance to come clean.
NRIs will be under glare for their undisclosed properties and bank accounts created during the years when they were ‘residents’.
The harsh Black Money Act — which can go back as early as 1961 and till now covered only ‘residents’— will be amended to include ‘non residents.’ The amendment will take effect retrospectively from 1 July 2015 when the law came into existence. Under the law, a person with hidden income or assets has to fork out 30% tax, 90% penalty, and even face prosecution.
“Suppose, a person has been residing in Dubai since 2004. If the government stumbles upon his undeclared Swiss bank accounts opened in 1999, what will matter is whether or not he was a resident in 1999. If indeed he was a resident then, he will face the music even if he’s currently an NRI. This widens the scope of the Act,” said senior chartered accountant.
The government can proceed to attach his foreign assets. However, a person may still escape if, after becoming an NRI, he receives the asset as gift from an NRI friend who had originally acquired it.
Under the ‘Income Declaration Scheme, 2016’, launched post Demo, assessees were spared of prosecution as long as they were willing to surrender about 45% of the cash.The government will now “notify the class of people” who didn’t pay tax, interest and penalty then, but will now get a chance to pay up.
Such amnesty schemes should be extended to everyone eligible as many declarants could not pay tax, surcharge, penalty within due date.
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