CBDT:
The Central Board of Direct taxes has simplified the format and procedure for self declaration of Form No.15G or 15H. Tax payers seeking non deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 The procedure for submission of the Forms by the deductor has also been simplified. Under the simplified procedure, a payee can submit the self-declaration either in paper form or electronically. The deductor will not deduct tax and will allot a Unique Identification Number (UIN) to all self-declarations in accordance with a well laid down procedure to be specified separately. The particulars of self declarations will have to be furnished by the deductor along with UIN in the quarterly TDS statements. The requirement of submitting physical copy of Form 15G and 15H by the deductor to the income-tax authorities has been dispensed with. The deductor will, however be required to retain Form No.15G and 15H for seven years. The revised procedure shall be effective from the 1st day of October, 2015.
RBI:
RBI with an intention to Regularize the assets held abroad by a person resident in India under Foreign Exchange Management Act, 1999 has clarified the issues being raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) which provides for separate taxation of income and assets acquired abroad from income not disclosed but chargeable to tax in India. Accordingly, it is clarified that No proceedings shall lie under the FEMA against the declarant with respect to an asset held abroad for which taxes and penalties under the provisions of Black Money Act have been paid and No permission under FEMA will be required to dispose of the asset so declared and bring back the proceeds to India through banking channels within 180 days from the date of declaration. In case the declarant wishes to hold the asset so declared, she/ he may apply to the Reserve Bank of India within 180 days from the date of declaration.
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