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KPMG FLASH NEWS KPMG in India24 September 2015Government of India decides that Minimum Alternate Tax shall not be applicable to foreign companies having no permanent establishment/ place of business

How to fill out voluntary disclosure in india

How to fill out voluntary disclosure in india

1. To fill out a voluntary disclosure in India, follow these steps:
2. Obtain the prescribed form for voluntary disclosure. This form is available on the official website of the income tax department of India.
3. Provide your personal details such as name, address, and PAN (Permanent Account Number).
4. Specify the assessment year for which the voluntary disclosure is being made.
5. Disclose the undisclosed income or assets that you wish to declare. Provide details such as the nature of income/assets, source, amount, and any supporting documents.
6. Calculate the amount of tax and interest payable on the undisclosed income or assets. Pay the required tax and interest along with the disclosure.
7. Submit the filled-out form along with the necessary supporting documents to the designated authority.
8. Keep a copy of the filled-out form and payment challan for your records.
9. Await communication from the income tax department regarding the acceptance of the voluntary disclosure and any further actions required.
10. Note: It is advisable to seek professional assistance or consult a tax advisor while filling out the voluntary disclosure form to ensure compliance with the relevant laws and regulations.

Who needs voluntary disclosure in india?

1. Voluntary disclosure in India is needed by individuals or entities who have undisclosed income or assets that they wish to declare to the income tax department.
2. This could include individuals who have not filed their income tax returns or have under-reported their income in the past.
3. Voluntary disclosure allows such individuals to come forward and declare their undisclosed income/assets and pay the necessary tax and interest on it.
4. It provides an opportunity for taxpayers to rectify their past non-compliance and avoid potential penalties or legal consequences.
5. It is important to note that voluntary disclosure is applicable to Indian residents as well as non-residents who have undisclosed income/assets in India.

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