The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 is notified

Government
of India

Ministry of Finance

Department of Revenue

Central Board of
Direct Taxes

 PRESS RELEASE

New Delhi, 3rd July,
2015

 

Sub: Notification of Black Money Rules and
issue of Explanatory Circular for compliance window under Black Money Act

 

1.      The Black Money (Undisclosed Foreign
Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) have been
notified vide notification no. G.S.R. 529 (E) dated 02-07-2015. These Rules
provide the method of determination of Fair Market Value of an undisclosed
foreign asset. The declaration under section 59 of the Act may be filed on or
before 30.09.2015 in Form 6 appended to the Rules before the designated
Commissioner of Income Tax.

 

2.      The Commissioner of Income Tax
(International Tax)-2, Pratyaksh Kar Bhavan, S.P.M. Civic Centre, Minto Road,
New Delhi-110002 has been designated to receive the declarations. The
designated Commissioner of Income Tax will inform the declarant by 31.10.2015
whether the competent authority already has any information in respect of the
asset declared. The declarant may revise his declaration within 15 days of
receipt of the intimation from the Commissioner of Income Tax. The tax and
penalty on the value of undisclosed foreign assets declared is required to be
paid by 31.12.2015. Upon payment of tax and penalty, the Commissioner of Income
Tax will issue an acknowledgement in Form 7 of the Black Money Rules to the
declarant.

 

3.      Rule 3 of the Rules prescribe the manner
in which the Fair Market Value of the assets is to be determined.

  

4.      An explanatory Circular on provisions
relating to tax compliance has also been issued vide Circular No. 12 dated
02-07-2015.

 

5.      The Rules and the Circular are available
on the website of the Income Tax Department “incometaxindia.gov.in” under the
heading “Tax Laws and Rules”.

 

(Shefali Shah)

 Pr. Commissioner of
Income Tax (OSD)

Official
Spokesperson, CBDT

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015

Leave a Reply

Your email address will not be published. Required fields are marked *