CBDT- Highlights of 27 FAQs on Black-money law amnesty scheme and download circular

Highlights:

If a public limited company makes a declaration then Directors of the company will not get immunity against offence punishable under SEBI Act or under IPC.

In case of an e-wallet or virtual card account online which is normally maintained for playing online
games, it is similar to a bank account where inward and outward cash movement takes place. A declaration can be made in the manner prescribed for a bank account.

Whether a valuation report is to be filed along with a Declaration of a foreign asset the CBDT clarified that it is not necessary but the declarant should keep such a document used for arriving at the value of the asset.

If a person has from time to time transferred funds from his account to the accounts of his spouse or child whether the spouse or the child is also required to make a declaration, the CBDT has clarified that it is not required if no fund has been deposited in their account in addition to the ones done by the person.

If an employee makes a declaration of asset made out of income received from his employer, the employer shall be deemed to be an assessee in default u/s 201(1) for non-deduction of TDS, the CBDT has clarified that once declaration is made by the employee, the employer will escape the rigour of TDS but not the interest element and also the penalty.

Whether if a partnership firm makes declaration of undisclosed assets, partners will earn the immunity, the CBDT has clarified that partners shall be eligible for the immunity promised under the Scheme.

The Act will not provide immunity against punishable offence under SEBI Act/ Regulations or under IPC where disclosure is made under Chapter VI of the Act.

In case where a private trust (which has also set up a company holding 100% shares) is created outside India by a settlor out of undisclosed income, valuation of shares of the company should be made first as per Rule 3(1)(c) and then the value of net assets of the trust shall be determined.

A declarant will not be required to explain details of entries in foreign bank account at the time of declaration but is only expected to provide broad computation.