Last Dates to File Income Tax Returns/ Balance Sheets & Declaration under the Black Money Act

IamSMEofIndia E-Circular: Last date near for Balance Sheets Filing & deflation under the black money act                                     Dated     25th  September  2015

  1. . Integrated  Associa<on  of  Micro,  Small  &  Medium  Enterprises  of  India   and   Faridabad  Small  Industries  Association   Plot  No.  66,  Sector  27-­-A,  Faridabad-­-  121003,  Haryana,  India   E-­-mail:,  +91-­-9711101666  (COO)     Rajiv  Chawla Chairman,   IamSMEofIndia President,  FSIA Sangeet  Kr  Gupta Hon.  Consultant,   IamSMEofIndia  &  FSIA
  2.  Black  Money  Act  …  Last  5  days  for  the   DeclaraTIon .If  even  innocently  you   have  any  bank  account   abroad,     That  you  opened  when   you  used  to  live  abroad,   or  work  abroad ..Declare  it  now   …..   Last  date  30-­-9-­-2015  
  3. There  are  Heavy  PenalVes….   Sec.50  :  Penalties  for  empty  or  incorrect  FIlling  of   Foreign  assets/foreign  income  return  . Punishment  for  failure  to   ?le  income  tax  return,   showing  the  foreign  assets  /   income   •? Fine  Rs  50000  minimum   Minimum  6  months  in  Jail   Max  Upto  7  years  
  4. Sec.51  :  Penalties  for  willful  evasion   •? If  willful  evasion  of  Indian   Taxes  is  “proved”    Minimum  3  years  in  Jail   Max  Upto  10  years  
  5. Compliance  is  very  easy   Just  do  your  calculations  Contact  any  professional  who  has  experience   of  this  declaraVon  And  file  the  “Form  6”,  along  with  evidences.  
  6. Note  :  It  may  merely  be  “declaration”  Pay  tax  only  if  required  as  per  law    You  get  extra  90  days  to  pay  the  tax  (31st   December  15)  
  7.  Who  is  affected  :    Any  person  you  know,  who   Employee  went  abroad  for  job  and  sVll   has  bank  account  there   Student  went  abroad  for  Studies  and   sVll  has  bank  account  there   Are  a  Signatory  in  any  Foreign  JV  /   Company  /  any  assets 
  8. What  to  do  ?   Contact  your  friendly  CA  Team   Disclose  your  assets,  your  past   Take  Correct  advice   Take  urgent  action  
  9. Remember   : Ignorance  of  Law  is  not  an   “excuse”.    Remember If  somebody  is  foreign   national  /  Green  Card   holder  /  lives  abroad   permanently,  then  don’t   worry,  it  does  not  apply   to  them.  
  10. Income  Tax  Returns  –  Audit  Cases   All  large  Business  Income  tax  returns  and   company  returns   •Due  date  is  30th  Sept  2015    For  income  tax   And  Government  has  noV?ed  that  the  last   date  will  not  be  extended   •? So,  last  few  days,  do  it  now.. Meet  the  deadlines…..  Now.