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Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 prepared by CBDT with the approval of the Central Government.

Income Tax - 58/2015 - Dated:- 2-7-2015 - [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 58/2015 New Delhi, the 2nd of July, 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 .....

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f 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 .....

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any of its agencies for the purpose of valuation of bullion, jewellery or precious stone under any regulation or law; (b) valuation of archaeological collections, drawings, paintings, sculptures or any work of art (hereinafter referred to as artistic work) shall be the higher of,- (I) its cost of acquisition; and (II) the price that the artistic work shall ordinarily fetch if sold in the open market on the valuation date for which the assessee may obtain a report from a valuer recognised by the .....

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on the valuation date; or (B) where on the valuation date there is no trading in such shares and securities on any established securities market, average of the lowest and highest price of such shares and securities on any established securities market on a date immediately preceding the valuation date when such shares and securities were traded on such securities market; (II) the fair market value of unquoted equity shares shall be the higher of,- (i) its cost of acquisition; and (ii) the value .....

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rred expenditure which does not represent the value of any asset; B= fair market value of bullion, jewellery, precious stone, artistic work, shares, securities and immovable property as determined in the manner provided in this rule; L= book value of liabilities, but not including the following amounts, namely:- (i) the paid-up capital in respect of equity shares; (ii) the amount set apart for payment of dividends on preference shares and equity shares; (iii) reserves and surplus, by whatever na .....

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ny amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares; PE = total amount of paid up equity share capital as shown in the balance-sheet; PV= the paid up value of such equity shares; (III) the fair market value of unquoted share and security other than equity share in a company shall be the higher of,- (i) its cost of acquisition; and (ii) the price that the share or security shall ordinarily fetch if sold in the open marke .....

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obtain a valuation report from a valuer recognised by the Government of a country or specified territory outside India in which the property is located or any of its agencies for the purpose of valuation of immovable property under any regulation or law; (e) value of an account with a bank shall be,- (I) the sum of all the deposits made in the account with the bank since the date of opening of the account; or (II) where a declaration of such account has been made under Chapter VI and the value o .....

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y partnership of which he is a member shall be determined in the manner specified in clause (g). (g) The net asset of the firm, association of persons or limited liability partnership on the valuation date shall first be determined and the portion of the net asset of the firm, association of persons or limited liability partnership as is equal to the amount of its capital shall be allocated among its partners or members in the proportion in which capital has been contributed by them and the resi .....

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ociation. Explanation.- For the purposes of this clause the net asset of the firm, association of persons or limited liability partnership shall be (A + B - L), which shall be determined in the manner provided in sub-clause (II) of clause (c). (h) valuation of any other asset shall be higher of,- (I) its cost of acquisition or the amount invested; and (II) the price that the asset would fetch if sold in the open market on the valuation date in an arm s-length transaction. (2) Notwithstanding any .....

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acquired or made out of consideration received on account of transfer of an old asset or withdrawal from a bank account, then the fair market value of the old asset or the bank account, as the case may be, determined in accordance with sub-rule (1) and sub-rule (2) shall be reduced by the amount of the consideration invested in the new asset. Illustration A house property (H1) located outside India was bought in 1997 for twenty lakh rupees. It was sold in 2001 for twenty five lakh rupees which .....

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kh (invested in BA) = Nil FMV of BA: ₹ 70 lakh - ₹ 30 lakh (invested in H2) = ₹ 40 lakh FMV of H2: (Higher of ₹ 30 lakh and 50 lakh) = ₹ 50 lakh (4) The fair market value of an asset determined in a currency which is one of the permitted currencies designated by the Reserve Bank of India under the Foreign Exchange Management Regulations, shall be converted into Indian currency as per the reference rate of the Reserve Bank of India on the date of valuation. (5) Where .....

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Provided that where the Central Bank of the country or jurisdiction in which the asset is located does not specify the rate of conversion from its local currency to United States Dollar then such rate shall be the one as specified by any other bank regulated under the laws of that country or jurisdiction. Explanation 1.- For the purposes of this rule,- (a) established securities market means an exchange that is officially recognised and supervised by a Governmental entity in which the market is .....

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class of shares means,- (i) trades in each such class are effected, other than in de minimis quantities, on one or more established securities markets on at least sixty business days during the prior calendar year; and (ii) the aggregate number of shares in each such class that are traded on such market or markets during the prior year are at least ten percent. of the average number of shares outstanding in that class during the prior calendar year; (d) quoted share or security means the share .....

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the market value as on valuation date referred to in in sub-rule (1), and for the purpose of conversion into Indian currency or conversion of foreign currency into United States Dollar and thereafter into Indian currency, the date shall be- (a) in respect of asset declared under section 59 of the Act, the 1st day of July, 2015; (b) in any other case, the 1st day of April of the previous year. 4. Tax authorities.- For the purposes of section 8, the tax authorities shall be the Assessing Officer, .....

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ioner (Appeals) shall be made in Form 2. (2) The form of appeal referred to in sub-rule (1), the grounds of appeal and the form of verification appended thereto relating to an assessee shall be signed and verified by the person who is authorised to sign the return of income under section 140 of the Income-tax Act, as applicable to the assessee. (3) Every appeal filed under sub-section (1) of section 15 shall be accompanied by a fee of ten thousand rupees. (4) No appeal under sub-section (1) of s .....

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signed by the person specified in sub-rule (2) of rule 6. (2) The memorandum of cross-objections under sub-section (4) of section 18 to the Appellate Tribunal shall be made in Form 4, and where the memorandum of cross objection is made by the assessee, the form of memorandum of cross-objections, the grounds of cross-objections and the form of verification appended thereto shall be signed by the person specified in sub-rule (2) of rule 6. (3) Every appeal filed under sub-section (1) of section 18 .....

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to the declarant within fifteen days of the submission of proof of payment of tax alongwith penalty by the declarant under sub-section (2) of section 63 of the Act in respect of the undisclosed asset located outside India. 10. Educational qualifications.- The educational qualifications for the purpose of clause (f) of sub-section (3) of section 78 shall be the same as those prescribed in rule 51 of the Income-tax Rules, 1962. 11. Authority in certain cases.- For the purposes of clause (c) of sub .....

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he assessee under the Act shall be rounded off to the nearest multiple of one hundred rupees or ten rupees, as the case may be and for this purpose, where such amount contains a part of a rupee consisting of paise then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored. APPENDIX FORM 1 [See rule 5] Notice of demand To ……………………… ……&hellip .....

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ount should be paid to the Manager, authorised Bank or State Bank of India or Reserve Bank of India at …………………. within …………… days of the service of this notice. The previous approval of the Additional/ Joint Commissioner has been obtained for allowing a period of less than 30 days for the payment of the above sum. 3. If you do not pay the amount within the period specified above, proceedings for the recovery ther .....

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esult of the order of the Commissioner (Appeals) under section 15 of the Act. If you intend to appeal against the aforesaid order, you may present an appeal under section 18 of the Act to the Appellate Tribunal ……within sixty days of the receipt of that order, in Form 3, as prescribed in rule 7, duly stamped and verified as laid down in that form. Place …………… ………………. Assessing Officer Date……& .....

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1. Name and address of the appellant 2. Permanent Account Number 3. Assessment year in connection with which the appeal is preferred 4. Assessing Officer passing the order appealed against 5. Section and sub-section of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, under which the Assessing Officer passed the order appealed against and the date of such order 6. Where the appeal relates to any assessment or penalty, the date of service of the relevant not .....

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item 10 has been paid (if yes, give details of date of payment, challan number and amount paid) 12. **Where an appeal in relation to any other assessment year is pending in the case of the appellant with any Commissioner (Appeals), give the details as to the - (a) Commissioner (Appeals), with whom the appeal is pending; (b) assessment year in connection with which the appeal has been preferred; (c) Assessing Officer passing the order appealed against; (d) Section and sub-section of the Act, unde .....

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my information and belief. Verified today the ………………….. day of ………………………… Place …………. …….…………. Signature Notes: 1. The form of appeal, grounds of appeal and the form of verification appended thereto shall be signed by a person in accordance with the provisions of rule 6(2). 2. The memorandum of appeal, stateme .....

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year may be given. 7. The memorandum of appeal shall be accompanied by a fee of ten thousand rupees. 8. The fee should be credited in a branch of the authorised Bank or a branch of the State Bank of India or a branch of the Reserve Bank of India. FORM 3 [See rule 7(1)] Form of appeal to the Appellate Tribunal In the Appellate Tribunal ……………………… *Appeal No……………..of 20………… .....

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. Total undisclosed foreign income and asset assessed by the Assessing Officer for the assessment year referred to in item 4 6. The Assessing Officer passing the original order 7. Section of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 under which the Assessing Officer passed the order 8. The Commissioner (Appeals) passing the order under section 12/15/45 9. Date of communication of the order appealed against 10. Address to which notices may be sent to .....

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information and belief. Verified today the ………………….. day of ………………………… Place …………. …… …………….. Signed Notes: 1. The memorandum of appeal shall be in triplicate accompanied by two copies (at least one of which should be a certified copy) of the order appealed against, two copies of the relevant order of t .....

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an and the triplicate challan shall be sent to the Appellate Tribunal with a memorandum of appeal. The Appellate Tribunal shall not accept cheques, drafts, hundies or other negotiable instruments. 4. The memorandum of appeal shall be written in English or, if the appeal is filed in a Bench located in any such State as is for the time being notified by the President of the Appellate Tribunal for the purposes of rule 5A of the Income-tax (Appellate Tribunal) Rules, 1963, then, at the option of the .....

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APPELLATE TRIBUNAL ………………………………… *Cross-objection No. …………………….. of ……………… **In Appeal No. ………………………of……………… ……………………… Versus ……& .....

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respondent (cross- objector) 7. Address to which notices may be sent to the appellant 8.†Relief claimed in the memorandum of cross-objections †GROUNDS OF CROSS-OBJECTIONS 1. 2. 3. 4. etc. …………………… ……………………… Signed Signed (Authorised representative, if any) (Respondent) Verification I …………………………&h .....

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a Bench located in any such State as is for the time being notified by the President of the Appellate Tribunal for the purposes of rule 5A of the Income-tax (Appellate Tribunal) Rules, 1963, then, at the option of the respondent, in Hindi, and should set forth, concisely and under distinct heads, the cross-objections without any argument or narrative and such objections should be numbered consecutively. 3. *The number and year of memorandum of cross-objections will be filled in in the office of .....

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p;…………. Dated the…………………………... To ………………………………(PAN) ……………………………… 1. * This is to certify that a sum of Rs. …………..has become due from you on………….. in the status of …&hellip .....

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which are given on the reverse and the said Tax Recovery Officer has sent a certified copy of the said certificate to the undersigned under section 33(2) of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 specifying a sum of Rs………….. which is to be recovered from you. 2. You are hereby directed to pay the above sum within 15 days of the receipt of this notice failing which the recovery shall be made in accordance with the provis .....

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lip;…….... Tax Recovery Officer *Score out whichever paragraph is not applicable. DETAILS OF AMOUNT IN ARREARS Amout (Rs.) Asst. year 1. Tax 2. Penalty u/s…………… 3. Interest u/s…………… 4. Any other sum (give details) 5. Total Form 6 Tax compliance for undisclosed foreign asset [See rule 9(1)] Form of declaration of undisclosed asset located outside India under section 59 of the Black Money (Undisclosed Foreign Incom .....

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llip;…………………………………………………………… 2. Address: Office……………………………………………………………………………………………… &he .....

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;………………….. Residence…………………………………………………………………………........................... ……………………………………… …………………&h .....

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p;…… (In case PAN is not held, please apply for PAN and quote here) 4. Original/Revised declaration ……………………………… (If Revised provide date of filing original declaration) 5. Status of the declarant (a) State whether individual, HUF, firm, company etc. ………………………………. (b) State whether Resident/Non-Resident/Not ordinaril .....

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tside India (as per annexure) 8. Total amount of declaration of undisclosed asset located outside India Rs……………………….. 9. Tax payable thereon (@ 30% of item 8) Rs.………………..……... 10. Penalty payable thereon (@ 30% of item 8) Rs.…………………..…... 11. Tax paid, if any, on or before the date of declaration Rs.……… .....

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…... VERIFICATION I……………………………………………son/daughter/wife of Shri………………………………………................. (Full name in block letters) (name of father/husband) solemnly declare that− (a) the information given in this declaration is correct and complete to the best of my know .....

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ation; (c) the provisions of section 71(a) in respect of Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 are not applicable to me; (d) the provision of section 71(b) in respect of Indian penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Unlawful Activities (Prevention) Act, 1967, the Prevention of Corruption Act, 1988 are not applicable to me; (e) the undersigned has not been notified under section 3 of the Special Court (Trial of Offence .....

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er section 132 or requisition has been made under section 132A or a survey has been carried out under section 133A of the Income-tax Act in a previous year and a notice under subsection (2) of section 143 of the said Act for the assessment year relevant to such previous year or a notice under section 153A or under section 153C of the said Act for an assessment year relevant to any previous year prior to such previous year has not been received and the time for issuance of such notice has not exp .....

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ip;………. Date………………….. * Score out whichever is not applicable. Annexure to Form 6 Statement of undisclosed assets located outside India Description of assets declared (Use separate sheet in case of multiple assets in the same category) 1. Bank account (a) Name and address of Bank ________________ (b) Country of location ________________ (c) Account holder name(s) ________________ (d) Account Number ________________ (e) Account .....

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cost ________________ (g) Value as estimated by the valuer on valuation date ________________ (h) Fair Market value as per Rule 3 ________________ (Provide separate computation if different from (f) or (g)) 3. Jewellery (attach valuation report) (a) Gold (I) Purity ________, Weight _________, Value ____________ (II) Purity ________, Weight _________, Value ____________ (b) Diamond (1 carat or more) (I) Carat ________, Cut _______, Colour ______, Clarity_______, Value ________ (II) Carat _______ .....

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________________ (g) Fair Market value as per Rule 3 ________________ (Provide separate computation if different from (e) or (f)) 5. Shares and securities (a) Quoted shares and securities [Rule 3(1)(c)(I)] (i) Description of security/share (A) Name of issuer __________________ (B) Number of securities/shares __________________ (C) Type of security/share __________________ (ii) Established securities market where quoted __________________ (iii) Country where securities market located ____________ .....

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________ (B) Number of shares __________________ (C) Type of share __________________ (ii) Country of location __________________ (iii) Name(s) under which held __________________ (iv) Cost of acquisition __________________ (v) Date(s) of acquisition __________________ (vi) Value as determined under Rule 3(1)(c)(II) __________________ (vii) Date of valuation __________________ (viii) Fair Market value as per Rule 3 __________________ (Provide separate computation if different from (iv) or (vi)) .....

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er Rule 3(1)(c)(III) __________________ (vii) Date of valuation __________________ (viii) Fair Market value as per Rule 3 __________________ (Provide separate computation if different from (iv) or (vi)) (6) Any other asset (a) Description of asset __________________ (b) Country of location __________________ (c) Name(s) under which held __________________ (d) Value as determined under Rule 3(1) __________________ (e) Date of valuation __________________ (f) Fair Market value as per Rule 3 ______ .....

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C of the I.T. Act is issued ___________________ (10) Total fair market value of all the undisclosed assets declared (7-8-9) ____________________ (to be taken to item 8 of the form) …………………………………………………….. (Signature) ……………………………………………… .....

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gn asset [See rule 9(2)] Acknowledgement of declaration of undisclosed foreign asset under Chapter VI of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Office of the Principal Commissioner/Commissioner of Income-tax, ………………………………… ………………………………… This is to acknowledge that a de .....

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p;………………….. ………………………………………………………….. 2) Son/Daughter/Wife of …………………………………………………………... 3) PAN ………………& .....

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