mumbai new delhi is slowly coming under pressure to remove the anomalies in black money rules as more and more people ask for a realistic law that would encourage disclosure of foreign assets and not unleash a reign of tax terror members of the apex body of accounting professionals the institute of chartered accountants of india will discuss with senior officials of the finance ministry and central board of direct taxes this week to spell out the ambiguities senior tax professionals have written to the designated commissioner pointing out issues that require clarification while the confederation of indian industry is preparing its views that will be soon submitted to the government there are practical problems we have requested the revenue secretary and cbdt chief to participate in a workshop in delhi where the issues will be raised after this we will make a written submission and also hold a meeting in mumbai icai president manoj fadnis told et many keen to use onetime window four senior chartered accountants et spoke to said several individuals are keen to take advantage of the onetime compliance window declare their undisclosed foreign assets and come clean by paying 60 of the amount as tax and penalty but the government has to clear the fog on matters that are holding back assessees the subject concerns hundreds of wellheeled individuals with different backgrounds diamond merchants top multinational executives bollywood personalities professionals builders as well as members of old business houses dilip lakhani a senior chartered accountant who was among the first to write to cbdt about the ambiguities said let me give you an actual case a senior mnc officer who received a bonus of 1 million invested 300000 out of the bonus amount to subscribe to esops employee stock option plan this was never disclosed now he wants to disclose this his investment of 300000 is today worth 2 million according to the rules he has to pay 60 on the 1 million bonus as well as pay 60 on the 2 million value of the stock now if he is not allowed a deduction of 300000 it would amount to double taxation according to nihar jambusaria who heads icais committee on international taxation among the questions that remain unanswered are valuation on which 60 is to be paid of unlisted equity shares is complex as assessees will have to find out the fair market value fmv of all the assets that the investee company holds while the rules provide that fmv of a foreign bank account shall be the sum of all the deposits made in the bank since the date of opening of the account statements beyond past 10 years are normally not available with banks properties acquired abroad as per the rules will be taxed on the basis of a report of a valuer who is recognised by the particular foreign government here clarification is required regarding the evidence the assessee will have to produce to prove that the valuer