Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 Notified
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The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 have been framed and notified on 2nd July, 2015 vide Notification No. 58/2015. The Rules inter-alia specify the form and manner in which declaration of undisclosed foreign asset is to be made. Rules also provide the method of determination of fair market value of different types of assets e.g., bullion, jewellery, artistic work, shares and securities, immovable property, bank account etc.
Central Government has, vide Notification No. 57/2015, notified 30th of September, 2015 as the date on or before which a person may make a declaration in respect of an undisclosed asset located outside India and the 31st of December, 2015 as the date on or before which a person shall pay the tax and penalty in respect of the undisclosed asset so declared.
A declaration under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) may be made before designated tax authority n Form 6 which may also be filed on-line. Where the declaration is found to be in accordance with the provisions of section 71 (d) of the Act, the declarant is required to pay the requisite tax and penalty on the assets eligible for declaration latest by 31.12.2015 and intimate the designated tax authority. After the intimation of payment by the declarant, the designated tax authority will issue an acknowledgement of the accepted declaration within 15 days of such intimation of payment of tax and penalty by the declarant.
As per Section 67 of the Act, 2015, the contents of the declaration shall not be admissible in evidence against the declarant in any penalty or prosecution proceedings under the Foreign Exchange Management Act, 1999.
Suggestions, questions and representations from various persons have been received in respect of provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. These have been considered and accordingly an explanatory circular (Circular No. 12 of 2015) and a clarificatory circular (Circular No. 13 of 2015) in the form of Frequently Asked Questions (FAQ) have been issued.
This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.
Central Government has, vide Notification No. 57/2015, notified 30th of September, 2015 as the date on or before which a person may make a declaration in respect of an undisclosed asset located outside India and the 31st of December, 2015 as the date on or before which a person shall pay the tax and penalty in respect of the undisclosed asset so declared.
A declaration under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) may be made before designated tax authority n Form 6 which may also be filed on-line. Where the declaration is found to be in accordance with the provisions of section 71 (d) of the Act, the declarant is required to pay the requisite tax and penalty on the assets eligible for declaration latest by 31.12.2015 and intimate the designated tax authority. After the intimation of payment by the declarant, the designated tax authority will issue an acknowledgement of the accepted declaration within 15 days of such intimation of payment of tax and penalty by the declarant.
As per Section 67 of the Act, 2015, the contents of the declaration shall not be admissible in evidence against the declarant in any penalty or prosecution proceedings under the Foreign Exchange Management Act, 1999.
Suggestions, questions and representations from various persons have been received in respect of provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. These have been considered and accordingly an explanatory circular (Circular No. 12 of 2015) and a clarificatory circular (Circular No. 13 of 2015) in the form of Frequently Asked Questions (FAQ) have been issued.
This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.
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