PART XVI
AMENDMENTS TO THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015
Amendment of section 2.
195. In the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015.) (hereafter in this Part referred to as the principal Act), in section 2, for clause (2), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2015, namely:––
‘(2) “assessee” means a person,––
(a) being a resident in India within the meaning of section 6 of the Income-tax Act, 1961(43 of 1961.) in the previous year; or
(b) being a non-resident or not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act 1961 in the previous year, who was resident in India either in the previous year to which the income referred to in section 4 relates; or in the previous year in which the undisclosed asset located outside India was acquired:
Provided that the previous year, in case of acquisition of undisclosed asset outside India, shall be determined without giving effect to the provisions of clause (c) of section 72;’.
Notes on Clauses:
Clauses 195 to 198 of the Bill seeks to amend certain provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Clause 195 of the Bill seeks to amend section 2 of the said Act.
The existing provisions of clause (2) of section 2 of the said Act, inter alia, provides that the “assessee” means a person who is resident in India within the meaning of section 6 of the Income-tax Act.
It is proposed to amend the aforementioned clause so as to provide that the “assessee” shall mean a person being a resident in India within the meaning of section 6 of the Income-tax Act, in the previous year, or a person being a non-resident or not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, in the previous year, who was resident in India either in the previous year to which the income referred to in section 4 relates to or in the previous year in which the undisclosed asset located outside India is acquired.
It is further proposed to insert a proviso to provide that the previous year of acquisition of the asset shall be determined without giving effect to the provisions of clause (c) of section 72.
This amendment will take effect retrospectively from 1st July, 2015.
