Tax clearance certificate not needed for all
NEW DELHI: The finance ministry on Sunday said proposed amendments to the Black Money Act do not require all the residents travelling overseas to obtain a tax clearance certificate.
It is only for those, who are facing probe or have large tax arrears. Section 230 of the Income-tax Act, mandates that those persons involved in serious financial irregularities and whose presence is required for investigations, or those with tax arrears in excess of Rs 10 lakh must obtain a tax clearance certificate to travel overseas.This certificate is required to be issued by senior officials for claims and probes related to I-T.
It is only for those, who are facing probe or have large tax arrears. Section 230 of the Income-tax Act, mandates that those persons involved in serious financial irregularities and whose presence is required for investigations, or those with tax arrears in excess of Rs 10 lakh must obtain a tax clearance certificate to travel overseas.This certificate is required to be issued by senior officials for claims and probes related to I-T.
