Income Tax department cracks whip on benami assets, seizes 541 properties

January 19, 2018 | Author: | Posted in Insurance

Income Tax Department For Nri In India

Nri investment services with changes in investment rules for choose little savings schemes as well as National Savings Certificate (NSC), the govt has same such accounts are closed before their maturity just in case standing of the holder changes from resident to non-resident Indians (NRIs).

Such holders can earn solely post workplace bank account rate of 4WD and not the upper rate on those instruments once the standing was one in all a resident.

In the case o the public provident fund (PPF), the account is deemed to be closed the day the standing of the account holder changes to NRI.

According to the change to the general public Provident Fund Act, 1968, “… if a resident WHO opened associate degree account underneath this theme later becomes a non-resident throughout the currency of the maturity amount, the account shall be deemed to be closed with result from the day he becomes a non-resident indian.

The amended rules were notified within the official gazette earlier this month.

With relation to executive agency, a separate notification same it’s deemed to be encashed on the dThe government has pegged seven.8% interest for each PPF and executive agency schemes for October-December the holder becomes associate degree NRI.

interest shall be paid at the speed applicable to the post workplace bank account, from time to time, from such day and up to the Last Day of the month preceding the month within which it’s truly encashed,” it declared.

 

Last month, the govt unbroken interest rates on little savings schemes unchanged for the October-December quarter.

Since Gregorian calendar month last year, interest rates on all little saving schemes are recalibrated on a quarterly basis.

India’s tax authorities have begun cracking down on benami assets and people World Health Organization deposited massive amounts of money within the aftermath of demo netisation but haven’t nonetheless filed returns because it intensifies the war against black money.

The taxation department has already appropriated 541 properties and frozen bank accounts holding funds of regarding Rs one,800 crore, same a high department official, adding that additional action is anticipated shortly.

“Big focus would get on benami properties and action on persons World Health Organization haven’t filed returns even when their money deposits throughout conclusion were detected,” the official same.

Some of these square measure assets happiness to high-profile politicians and their relatives, the official same. The department might shortly begin auctioning a number of these appropriated assets when due legal method.

The rigorous benami law enacted last year empowers the exciseman to confiscate such assets, impose a penalty of the maximum amount as twenty-fifth of the honest market price and send the guilty to jail for up to seven years. Prime Minister Narendra Modi declared that the govt would chase benami properties throughout a campaign speech on November four in Himachal Pradesh.

PM Modi same that the Congress was troubled as its leaders holding such assets would face the warmth. He same the Congress campaign against conclusion was driven by it tries to mislead the folks and ready sentiment against him before he raises a “storm” over benami assets.

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