The Delhi High Court has stayed action under the Black Money (Undisclosed Foreign Income and Assets) Act against “involuntary residents” in the Rajiv Saxena matter. The court ruled the Income Tax Department cannot blindly apply the law to obtain foreign asset information, referencing the AgustaWestland case. It ordered the department to share details of the foreign assets in question.
The Budget proposes a six-month mini amnesty window for individuals who hold undisclosed foreign assets. Eligible taxpayers can declare previously non-disclosed assets acquired with earnings already disclosed, by paying a fee. The move is designed to help small taxpayers, including students and relocated NRIs, regularize past omissions while reducing the risk of penalties and prosecution for minor violations.
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The Income Tax Department has sent notices to senior executives, including CEOs and MDs of multinational companies, who earn over Rs 50 lakh. Authorities allege income underreporting and false exemption claims, focusing on undeclared foreign assets, overseas income, and inflated allowances. The move is part of a wider compliance push, with many asked to revise their tax returns.
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