Section 230 of the Income-tax Act states that you must get a certificate from the tax authorities if you are an indian citizen and want to leave the nation. This certificate attests to the fact that you have paid all taxes due and have made plans to pay any balances that remain overdue. This provision applies to prior taxes such as the Wealth Tax, gift Tax, and Expense Tax, in addition to taxes under the Income-tax Act. Experts anticipate that these needs will be made clearer by future recommendations.
 
Additionally, starting on october 1, 2024, the 2024 Budget proposed eliminating the ₹10 lakh penalty for failing to register foreign assets (real estate excluded) if their total worth is less than ₹20 lakh. Errors or omissions in the reporting of these assets are likewise covered by this exemption. When completing their income tax returns, residents are required to disclose any overseas assets and the income derived from them. Regardless of the asset's worth, failing to comply with the Black Money Act might result in a penalty of ₹10 lakh.
 
Nevertheless, bank accounts with a ₹5 lakh or less in total balance from the prior year are exempt from this regulation. For people who are permanently departing India, this need is essential. This is a rule that NRIs and those moving should remember. This is not a regulation for every traveler; it is only for individuals who are permanently relocating overseas. It would be funny to see tax offices packed and airports empty if every indian had to get this approval before travelling.
 
 

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G GOWTHAM

03/08/2024 09:56 AM