Planning to move abroad? Check this Budget measure and get this certificate first
Union Budget 2024 has introduced an amendment in the rules for those who are planning to shift bases from India. This amendment mandates individuals domiciled in India to clear their complete tax dues and obtain 'clearance certificates' before leaving the country, under new provisions of the Black Money Act.
#Budget 2024 with ET
Budget Highlights: Your 2-minute guide
Tax tweaks, jobs & more: All that FM announced in Budget
FM 's plan for Viksit Bharat: A look at key numbers
These clearance certificates would be issued by Income Tax authorities, after they verify and confirm that no dues are pending on the applicant's part, as per Budget documents.
The revised mandate states that, «no person who is domiciled in India, shall leave India, unless he obtains a certificate from the income-tax authorities stating that he has no liabilities under the Income-tax Act, or the Wealth-tax Act, 1957, or the Gift-tax Act, 1958, or the Expenditure-tax Act, 1987.»
The government has mandated that a person who is liable to pay any taxes or is yet to clear any kind of tax dues cannot leave the nation unless their taxes are cleared.
(Join our ETNRI WhatsApp channel for all the latest updates)
The new provision will come into effect from October 1, 2024 even as the old provisions for the taxpayers planning to leave India under the Income Tax Act remain the same.
The government is expected to release further information on the new amendment.
#Budget 2024 with ET
What's cheaper and what's costlier? Here's the list
New slabs announced in
Read more on economictimes.indiatimes.com
