TMI BlogDefinitions.X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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 (43 of 1961.) in the previous year, who was resident in India either in the previous year to which the income referred to in section 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (8) prescribed means prescribed by rules made under this Act; (9) previous year means- (a) the period beginning with the date of setting up of a business and ending with date of the closure of the business or the 31st day of March following the date of setting up of such business, whichever is earlier; (b) the period beginning with the date on which a new source of income comes int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial interest in any entity) located outside India, held by the assessee in his name or in respect of which he is a beneficial owner, and he has no explanation about the source of investment in such asset or the explanation given by him is in the opinion of the Assessing Officer unsatisfactory; (12) undisclosed foreign income and asset means the total amount of undisclosed income of an asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esident in India within the meaning of clause (6) of section 6 of the Income-tax Act, by whom tax in respect of undisclosed foreign income and assets, or any other sum of money, is payable under this Act and includes every person who is deemed to be an assessee in default under this Act; - Clause 2. -deals with definitions. The said clause provides definition of the terms used in this Bill an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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