Tax Clearance Certificate (TCC) needed only if specified by tax authority: The Indian tax laws earlier required a person domiciled in India to obtain a tax clearance certificate (TCC) from the income tax authority before leaving India, stating that he has no liabilities under the Income-tax Act, Wealth Tax Act, etc. However, the requirement to obtain TCC was mandatory only until June 2003. The law was subsequently amended whereby the mandatory requirement was relaxed. There is no requirement under the existing law to obtain a TCC unless otherwise specified by the income tax authority. Consequently, so far you have duly discharged the applicable taxes for the respective years and filed return of income, there should be no adverse implications. There are no specific penalty provisions dealing with TCC.
Posted on: Thu, 06 Mar 2014 09:55:14 +0000
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