Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

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..... y (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the BM Act) provide inter alia that the assessee means a person who is resident in India within the meaning of section 6 of the Income-tax Act. In order to clarify the legislative intent behind enacting the BM Act, which was to tax such foreign income and assets, which were not charged to tax under the In .....

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..... urther, a clarificatory amendment is also proposed to be made to section 10 of the BM Act so as to include the expressions re-assess and reassessment in sub-section (3) and (4) of the said section. These amendments will take effect retrospectively from 1st July, 2015. [Clauses 195 196] The existing provisions of the section 84 of the BM Act .....

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