Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Compliance window for those with undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty
Markets could slide again owing to conditions in Europe and the US.
While naysayers say the economy is on a downward spiral, optimists point out that India has experienced a shift of gears in the realm of policies, thanks to several initiatives of the Narendra Modi government, says Ashok K Lahiri.
A stream of people, including those from Rajasthan and Karnataka, walked into the only designated office before the closure of the one-time compliance window.
The very design of the GST will bring in revenue buoyancy.
There will be a review of employee compensation arrangement in the light of the new rules.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
While the black money declarations may go up further once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get this fiscal nearly Rs 14,700 crore or half of the total taxes due.
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
Before Lok Sabha and Rajya Sabha was proceedings were disrupted by a relentless Opposition over the demonetisation issue, other topics such as compensation for military personnel, counterfeit notes were spoken of. Here's what happened in Parliament.
Meeting the disclosure norms isn't very easy.
In a marathon address to the nation from the ramparts of the Red Fort, Prime Minister Narendra Modi on Saturday underlined India's unity and diversity and the progress of his 15-month-old government's policies.
Concluding the three-part series, Paranjoy Guha Thakurta says that the black money law is likely to fail because of the ineptness of India's investigative and enforcement agencies.
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