Taxpayers fret over loose ends in amnesty scheme
Mumbai: Taxpayers are expressing concerns over ambiguities surrounding the mini-amnesty scheme for undisclosed foreign assets and income. Questions arise regarding whether a taxpayer who merely signs bank accounts but does not own the funds will be penalized. The scheme, known as FAST-DS, allows individuals to declare undeclared overseas assets up to ₹1 crore with a combined tax and penalty of 60%.
However, the deadline of December 31 has many seeking clarity. Taxpayers want the Central Board of Direct Taxes (CBDT) to address uncertainties such as how to differentiate between gifts, inheritances, and other foreign assets. They also question the treatment of foreign bank deposits and the treatment of foreign income on which taxes have already been paid. The scheme has a limit of ₹1 crore, which is seen as too low to attract wider participation.
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