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I-T Dept Not To Question The Valuer's Report For Black Money Disclosure


Posted on September 30 2020

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According to the valuation report from a registered valuer will not be questioned by the income taxdepartment for the disclosures made under the domestic black money compliance scheme after the clarification of the CBDT.

Therefore, the valuer is expected to furnish a true and the correct valuation report in correspondence with the accepted principles of valuation. In case of any distortion, appropriate action as per the law will be taken against the registered valuer as per the fifth set of Frequently Asked Questions (FAQs).

CBDT had received representations from the stakeholders to give an opportunity to value the immovable property on the basis of the registered value.

After due attention of the representations, the Rules have been enhanced to provide that where the gain of an immovable property is indicated by a registered deed, an opportunity will be available with the declarant to claim the fair market value of such property by applying the cost extension index to the stamp duty value of the property as per the FAQs.

The Income Declaration Scheme, 2016, has given an opportunity to persons who in the past have not paid full taxes to come forward and declare their undisclosed income and assets. An opportunity has been given four month till September 30 to make them clean by paying tax and a penalty of 45% of the undisclosed asset.

In elimination to the earlier clarification, the CBDT's FAQ said the period of holding of the asset claimed will be based on the actual date of purchase of such asset.

Therefore, the indexation benefit in respect of the amount claimed under the Scheme will be available from June 01, 2016 only.

As per the FAQ, if a person has already filed the declaration under the IDS then a revised filing can be made.

The period of holding of the assets claimed under the Scheme will be taken on the basis of the actual date of purchasing of such asset and not from June 1, 2016, the day of declaration window under the IDS opened.

Declarants have also been insured that no adverse action will be taken against them by the Financial Intelligence Unit of the tax department merely on the basis of cash deposits made in the banks under the Scheme.

Meanwhile, the RBI has been asked to subject the instruction to the banks to accept the payment of tax and penalty in cash under the scheme. 

FAQ also said that the declarant has to claim the amount of weighted deduction declared in the respect of fake donation.
 
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.

 

With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.

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