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Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 Notified; Specify the Form and Manner in Which Declaration of Undisclosed Foregin Assets to be made

Dated:- 31-7-2015 - 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. .....

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gnated tax authority 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 o .....

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