The existing provisions under the Income Tax Act for taxpayers planning to leave India remain unchanged
-
The Finance Ministry will provide additional details regarding the new amendment soon
The Union Budget 2024 has introduced a significant change for Indian citizens planning to relocate abroad. This new rule mandates that individuals must clear all their tax dues and obtain ‘clearance certificates’ from income tax authorities before departing the country. This requirement, part of an amendment to the Black Money Act, will come into effect on October 1, 2024.
This means anyone with unpaid taxes or dues cannot exit the country without settling their accounts
According to Finance Minister Nirmala Sitharaman, the new amendment specifies that no person domiciled in India can leave the country without first ensuring they have no outstanding tax liabilities. The certificates, which verify the absence of pending dues, will be issued by the Income Tax authorities.
The Budget document clarifies, “No person who is domiciled in India shall leave India unless they obtain a certificate from the income-tax authorities stating that they have no liabilities under the Income-tax Act, the Wealth-tax Act, 1957, the Gift-tax Act, 1958, or the Expenditure-tax Act, 1987.”
***********************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken a small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, running a news website requires finances. While every contribution, big or small, will make a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com
