CBDT releases second set of 27 FAQs on Black-money law amnesty scheme

Sep 03,2015

CBDT issues second set of 27 FAQs to address tax compliance issue for Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015 ('the Act'); Clarifies that in case where a private trust (which has also set up a company holding 100% shares) is created outside India by a settlor out of undisclosed income, valuation of shares of the company should be made first as per Rule 3(1)(c) and then the value of net assets of the trust shall be determined; Illustra...

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