MUMBAI: The Budget has tightened the provisions regarding clearance certificates which can be required when departing from India. From October 1, a clearance certificate giving a clear chit under the Black Money Act will probably be required for individuals domiciled in India, who’re leaving India.
At current, under part 230 of the Income-tax (I-T) Act, an individual domiciled in India can’t depart with out acquiring a certificate from the tax authorities that they don’t have any excellent tax liabilities or have made passable preparations to pay such dues.
This applies to taxes under the I-T Act, the erstwhile Wealth tax and Gift tax Act and in addition the Expenditure Tax Act. Such a certificate is required to be obtained the place circumstances exist which, within the opinion of an income-tax authority, render it needed for such an individual to acquire the identical.
Tax specialists are of the view {that a} notification or the foundations that may observe, will higher clarify the necessities.
At current, under part 230 of the Income-tax (I-T) Act, an individual domiciled in India can’t depart with out acquiring a certificate from the tax authorities that they don’t have any excellent tax liabilities or have made passable preparations to pay such dues.
This applies to taxes under the I-T Act, the erstwhile Wealth tax and Gift tax Act and in addition the Expenditure Tax Act. Such a certificate is required to be obtained the place circumstances exist which, within the opinion of an income-tax authority, render it needed for such an individual to acquire the identical.
Tax specialists are of the view {that a} notification or the foundations that may observe, will higher clarify the necessities.
