Black Money and Imposition of Tax Act, 2015. The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 was introduced in Lok Sabha on March 20, 2015 by the Minister of Finance, Mr. Arun Jaitley. The Bill will apply to Indian residents and seeks to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income.. CBDT Issued new Notification for Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Read Complete news from Below.
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Black Money and Imposition of Tax Act, 2015
G.S.R. 529 (E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 85 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015), the Central Board of Direct Taxes with the approval of the Central Government hereby makes the following rules, namely:-
1. Short title and commencement. ─ (1) These rules may be called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette.
2. Definitions
(1) In these rules, unless the context otherwise requires
- (a) “Act” means the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015);
- (b) “Chapter” means a Chapter of the Act;
- (c) “Form” means a Form appended to these rules;
- (d) “Income-tax Act” means the Income-tax Act, 1961 (43 of 1961);
- (e) “section” means a section of the Act.
(2) Words and expressions used and not defined in these rules but defined in the Act, the Income-tax Act or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts and rules.
3. Fair market value. ─
(1) For the purposes of sub-section (2) of section 3 of the Act, the fair market value of the assets shall be determined in the following manner
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