VDIS declaration eased further

MUMBAI, Aug 15: The Central Board of Direct Taxes CBDT has clarified that the onus of staisfying that a declarant under the VDIS does not come under the prohibited category lies entirely on the person making the declaration.

No enquiry will be made by the department before issue of certificates, a press release from the Income-tax Department said. The release said apart from statutory forms, locally printed declaration forms that are in conformity with the statutory forms can be used for filing declaration and payment of taxes.

The RBI has also informed that declarants under VDIS will be given permission under FERA to hold immovable properties, investments in shares and securities. Those wishing to declare assets abroad under the VDIS should approach the RBI for necessary permission in Form FAD-I indicated in the Exchange Control Manual Vol II together with the copy of the certificate issued by the IT Commissioner, within 30 days of receiving the certificate.