Undisclosed foreign income & assets (imposition of tax) 2015
This query is : Resolved
04 August 2015
My friend is a Monk,
he has filed his Return for previous three assessment year under presumptive income basis u/s 44 AD.
he travels to Different parts of world to give religious talks on invitation. Specially in Europe. He is Indian Citizen and stayed more than 60 days in india during relevent PY and has stayed > 360 four preceeding PY and hence resident india. he has always tried to comply all rules and regulation and law of land. His accountant has been filing his return. He had no clue that his returns may be defective return until now.
He is constructing Monastery in Nepal for which he receive good amount of donation from different part of world mostly in Cash. He deposited those money in an Account opened in Nepal for the monastery Purpose. The Monastery has been on construction for few years. Now he wants to disclose Bank accounts and those assets.
Firstly, i want to know, since major source of his income is from Donations and his returns, which were filed based on presumptive basis, were incorrect or not?.
Secondly, if he disclose all the foreign bank accounts, how tax is imposed on those bank account?
Thirdly, Does he need to disclose the monastery building which is under construction.?
Please help
he has filed his Return for previous three assessment year under presumptive income basis u/s 44 AD.
he travels to Different parts of world to give religious talks on invitation. Specially in Europe. He is Indian Citizen and stayed more than 60 days in india during relevent PY and has stayed > 360 four preceeding PY and hence resident india. he has always tried to comply all rules and regulation and law of land. His accountant has been filing his return. He had no clue that his returns may be defective return until now.
He is constructing Monastery in Nepal for which he receive good amount of donation from different part of world mostly in Cash. He deposited those money in an Account opened in Nepal for the monastery Purpose. The Monastery has been on construction for few years. Now he wants to disclose Bank accounts and those assets.
Firstly, i want to know, since major source of his income is from Donations and his returns, which were filed based on presumptive basis, were incorrect or not?.
Secondly, if he disclose all the foreign bank accounts, how tax is imposed on those bank account?
Thirdly, Does he need to disclose the monastery building which is under construction.?
Please help
04 August 2015
Donations per se are NOT income subject to however section 56 of the Income Tax Act, 1961. Better you check the same with special reference to this section.
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04 August 2015
Donations received in excess of 50,000 other than from relatives is taxable.
60% tax is payable on undisclosed income now disclosed.
If monastery building belongs to you disclose it.
60% tax is payable on undisclosed income now disclosed.
If monastery building belongs to you disclose it.
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