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

Dated:- 3-7-2015 - 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 (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definition .....

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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, namely:- (a) value of bullion, jewellery or precious stone shall be the higher of,- (I) its cost of acquisition; and (II) the price that the bullion, jewellery or precious stone shall ordinarily fetch if sold in the open market on t .....

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stic 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 Government of a country or specified territory outside India or any of its agencies for the purpose of valuation of artistic work under any regulation or law; (c) valuation of shares and securities,- (I) the fair market value of quoted share and securities shall be the higher of,- (i) its cost of acquisition; and (ii) the price as determined .....

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aded 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, on the valuation date, of such equity shares as determined in the following manner, namely:- the fair market value of unquoted equity shares = (A+B-L)/ (PE) x (PV), where, A= book value of all the assets (other than bullion, jewellery, precious stone, artistic work, shares, securities and immovable property) as reduced by,- (i) any amount .....

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spect of equity shares; (ii) the amount set apart for payment of dividends on preference shares and equity shares; (iii) reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; (iv) any amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits i .....

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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 market on the valuation date for which the assessee may obtain a report from a valuer recognised by the Government of a country or specified territory outside India or any of its agencies for the purpose of valuation of share and security under any regulation or law; (d) the fair market value of an immovable property shall be higher of,- (I) its .....

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he 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 of the account as computed under sub-clause (I) has been charged to tax and penalty under that Chapter, the sum of all the deposits made in the account with the bank since the date of such declaration: Provided that where any deposit is made from the proceeds of any withdrawal from the account, such deposit shall not be taken into considerati .....

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al 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 residue of the net asset shall be allocated among the partners or members in accordance with the agreement of partnership or association for distribution of assets in the event of dissolution of the firm or association, or, in the absence of such agreement, in the proportion in which the partners or members are entitled to share profits and the .....

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ested; 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 anything contained in sub-rule (1), where an asset (other than a bank account) was transferred before the valuation date the fair market value of such asset shall be higher of its cost of acquisition and the sale price: Provided that where such asset was transferred without consideration or inadequate consideration before the valuation date, th .....

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t. 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 were deposited in a foreign bank account (BA). In 2002 another house property (H2) was bought for thirty lakh rupees. The investment in H2 was made through withdrawal from BA. H2 has not been transferred before the valuation date and its value on the valuation date is fifty lakh rupees. Assuming that the value of BA as computed under Rule 3( .....

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ge 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 the fair market value of an asset is determined in a currency other than one of the permitted currencies designated by the Reserve Bank of India, then, such value shall be converted into United States Dollar on the date of valuation as per the rate specified by the Central Bank of the country or jurisdiction in which the asset is located an .....

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this rule,- (a) established securities market means an exchange that is officially recognised and supervised by a Governmental entity in which the market is located and that has a meaningful annual value of shares traded on the exchange; (b) meaningful annual value of shares traded on the exchange with respect to an exchange means it has an annual value of shares traded on the exchange (or a predecessor exchange) exceeding one billion United States Dollar during each of the three calendar years .....

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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 or security which has a meaningful volume of trading on an ongoing basis on an established securities market and is regularly quoted by dealers where they actively do offer to, and in fact do, purchase the share from, and sell the share to, customers who are not related to the dealer in the ordinary course of a business; (e) unquoted share a .....

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her 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, Joint Commissioner, Commissioner (Appeals), Commissioner or Principal Commissioner, Chief Commissioner or Principal Chief Commissioner. 5. Notice of demand. ─ Where any tax, interest or penalty is payable in consequence of any order passed under the provisions of the Act, the Assessing Officer shall serve upon the assessee a notice of .....

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ee. (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 section 15 shall be admitted unless at the time of filing of the appeal the assessee has paid the tax alongwith penalty and interest thereon on the amount of liability which has not been objected to by the assessee. 7. Appeal to Appellate Tribunal. ─ (1) An appeal under sub-section (1) of section 18 to the Appellate Tribunal shall be ma .....

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f 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 shall be accompanied by a fee of twenty five thousand rupees. 8. Form of tax arrears.- A statement of tax arears under section 31 or section 33 shall be drawn up by the Tax Recovery Officer in Form 5. 9. Declaration of undisclosed asset located outside India under section 59.- (1) A declaration in respect of any undisclosed asset located ou .....

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