NEW DELHI: Government today promised confidentiality of information furnished under the black money compliance window and said declarations for years for which bank statements are unavailable can be made on best estimate basis.
Issuing the second set of 27 FAQs on voluntary disclosures to be made in the 90-day compliance window ending September 30, the Finance Ministry provided a detailed methodology for computation of value of foreign properties, shares and other financial and non-financial assets.
It also detailed treatment of income of non-residents after moving back to the country and as well as applicability of Double Taxation Avoidance Agreement (DTAA) provisions.
Responding to questions on confidentiality of information disclosed under the compliance window, it said, “the information in respect of declaration made is confidential as in the case of the return of income filed by the assessees.”
For periods for which bank statements of foreign accounts were unavailable, the FAQ said, “the person may compute the value (of account) of such period on best estimate basis.”
The account holder, however, will have to furnish a certificate of the bank or any other evidence to the effect that the details are not available.
At the same time, the Government cautioned that if it was found later that the value of bank account was different from what had been declared, the immunity from higher penalties and jail term will only be to the extent of the declaration made. (AGENCIES)
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