Weaker rupee may push foreign assets above FAST-DS Rs 1 crore limit: Taxpayers could lose the disclosure window which allows lower 60% tax outgo and face a steeper income tax bill
Income tax alert! If you have foreign assets then you need to be mindful of the negative impact on your tax outgo that the recent decline in rupee’s value versus the US dollar could have had.
The Income Tax Department has announced a one-time voluntary disclosure window, which opened on August 16. It allows individuals to regularise their overseas shares, properties, ESOPs, dividends, interest and other such assets by paying 60% in tax and penalty, for amounts up to 1 crore.
The Income Tax Department has announced a one-time voluntary disclosure window, which opened on August 16. It allows individuals to regularise their overseas shares, properties, ESOPs, dividends, interest and other such assets by paying 60% in tax and penalty, for amounts up to 1 crore.
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