Compliance window: Declare overseas assets via e-filing

The income tax (I-T) department has thrown open its e-filing facility for those willing to declare overseas untaxed assets as an option apart from the manual filing and disclosure.

According to the provision under the compliance window, such a declaration can be filed online by an individual or entity but it will be mandatory to carry a digital signature to validate it.

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A digital signature authenticates electronic documents in the same manner that a hand-written signature validates printed or hand-written documents. A digital signature cannot be forged and it signifies that a named person wrote or otherwise agreed to the document to which the signature is attached.

A senior official said that the online facility to file overseas black money declaration is provided with the aim that anyone who wants to use the window for declaration can do so quickly and maintain the utmost secrecy as well. Submitting the document manually or sending it by post to the nodal office in Delhi are also options provided in the scheme but e-filing is a more convenient and secure way.

The entire work of the compliance window has been kept strictly confidential, a senior official said. The facility can be utilised by visiting the website https://incometaxindiaefiling.g ov.in, the official explained. The new two-page form brought out for this purpose has been categorised as Form 6 and has a three-page annexure for the statement of undisclosed assets located outside India.

The commissioner of income tax (international Tax)-2, New Delhi, has been designated to receive declarations. The government recently notified the three-month compliance window, which is open till September 30. The tax and penalty on declared assets or funds held overseas can be paid till December 31.