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If a NRI is found guilty of not paying taxes, what are the legal repercussions which can happen bec by nick carter
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If a NRI is found guilty of not paying taxes, what are the legal repercussions which can happen bec by NICK CARTER
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| Article Posted: 10/12/2012 |
| Article Views: 52 |
| Articles Written: 365 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 473 |
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If a NRI is found guilty of not paying taxes, what are the legal repercussions which can happen bec |
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Law,Business
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If the NRI who is guilty of not paying his taxes in India, lives in a country with which India has signed an agreement to recover taxes under the Indian law and the corresponding laws of that country then in that case: “Where an assessee is in default or is deemed to be in default in making a payment of tax, the Tax Recovery Officer may, if the assessee has property in a country outside India (being a country with which the Central Government has entered into an agreement for the recovery of income-tax under this Act and the corresponding law in force in that country), forward to the Board a certificate drawn up by him and the Board may take such action thereon as it may deem appropriate having regard to the terms of the agreement with such country” But if the defaulting NRI resides in a country with whom India does not have any agreement to recover taxes, then in that case a notice to pay the taxes would be sent to the agent (representative assessee) of the NRI and he would be considered as the assessee. The representative in this case would then have to pay the tax on behalf of the NRI and shall be subject to the same duties, responsibilities and liabilities as if the income were income received by or accruing to or in favour of him beneficially. But any such assessment shall be deemed to be made upon him in his representative capacity only, and the tax shall be levied upon and recovered from him in like manner as it would be leviable upon and recoverable from the person represented by him. When even the legal representative fails to pay the taxes or tries to evade or conceal the tax, then, he may be made liable to pay a penalty and face criminal liability. Criminal charges will be made against such a person for wilfully attempting to evade tax, penalties or other chargeable interests. Such a person may then have to face imprisonment depending upon the nature and extent of his wilful attempt to evade any tax, penalty or interest chargeable. If in a case where the amount sought to be evaded exceeds one hundred thousand rupees (Rs.1, 00,000), he may be sentenced to rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine; Or in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine. Such a person may also have to pay penalty from 100% to 300% of the amount concealed by him, whatever the Assessing Officer or the Commissioner (Appeals) in the course of any proceedings under this Act, is satisfied with.
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