Yes, under section 14 of this act , the person who is holding assets outside India or interest on behalf of PROR can be called on without any fetter of provisions of this act. The manager which includes Managing director of company and in case of unincorporated entity all partners jointly and severally liable to pay tax demand. Whether third party or Debtors ( any sum receivable by assessee) liable to tax demand? Yes, Tax Recovery office may ask concerned party to pay a tax demand. Under section 32(14) , TRO can initiate proceeding under section 32 of this act and manner as laid down under second schedule of Income Tax Act. What is penalty for non co operating or furnishing information by third party? Under section 45 a sum of Rs.50,000 ,which may be increased to Rs 2,00,000. What is penalty Where assesse failed to furnish or furnished inaccurate information? Non filing of information in relation to assets held outside India or source of income outside India in return filed under section 139, attracts penalty of Rs 10 lacs under section 45 of this act. However all Bank balance in aggregate does not exceed Rs 5 Lacs, no penalty under section 42 is payable. Penalty for filing of misinformation or to abet or inducing to file false evidences? The proceeding under section 9 of this act is construed as proceeding under section 193 of Indian Penal Code. Under section 53 any professionals, bank, institutions who encourage to file incorrect or untrue evidences will be subject to prosecution and imprisonment for 6 months to 7 years. Whether declaration made under this act will affect wealth tax return filed? No, to the extent declared under section 59 of this act. In case no declaration filed or in other words benefit of compliance window not availed, the provisions of wealth tax are also applicable. Which are valid evidences for computing Tax under this act? Under section 57 of this act, the evidences which are in possession of Tax Authority will be valid documents for computing tax under this act. Who can not avail benefit of section 59 for filing declaration? Any person , in respect of whom an order of detention has been made underthe Conservation of Foreign Exchange and Prevention of Smuggling Activities
Yes, under section 14 of this act , the person who is holding assets outside India or interest on behalf of PROR can be called on without any fetter of provisions of this act. The manager which includes Managing director of company and in case of unincorporated entity all partners jointly and severally liable to pay tax demand. Whether third party or Debtors ( any sum receivable by assessee) liable to tax demand? Yes, Tax Recovery office may ask concerned party to pay a tax demand. Under section 32(14) , TRO can initiate proceeding under section 32 of this act and manner as laid down under second schedule of Income Tax Act. What is penalty for non co operating or furnishing information by third party? Under section 45 a sum of Rs.50,000 ,which may be increased to Rs 2,00,000. What is penalty Where assesse failed to furnish or furnished inaccurate information? Non filing of information in relation to assets held outside India or source of income outside India in return filed under section 139, attracts penalty of Rs 10 lacs under section 45 of this act. However all Bank balance in aggregate does not exceed Rs 5 Lacs, no penalty under section 42 is payable. Penalty for filing of misinformation or to abet or inducing to file false evidences? The proceeding under section 9 of this act is construed as proceeding under section 193 of Indian Penal Code. Under section 53 any professionals, bank, institutions who encourage to file incorrect or untrue evidences will be subject to prosecution and imprisonment for 6 months to 7 years. Whether declaration made under this act will affect wealth tax return filed? No, to the extent declared under section 59 of this act. In case no declaration filed or in other words benefit of compliance window not availed, the provisions of wealth tax are also applicable. Which are valid evidences for computing Tax under this act? Under section 57 of this act, the evidences which are in possession of Tax Authority will be valid documents for computing tax under this act. Who can not avail benefit of section 59 for filing declaration? Any person , in respect of whom an order of detention has been made underthe Conservation of Foreign Exchange and Prevention of Smuggling Activities
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