Definition of assessee expanded to include prior residents for undisclosed foreign income or asset acquisitions. The amendment substitutes the definition of assessee to include persons who were residents in India in the relevant previous year, and to include ... Summary
Referred In :
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Definition of assessee expanded to include prior residents for undisclosed foreign income or asset acquisitions.
The amendment substitutes the definition of assessee to include persons who were residents in India in the relevant previous year, and to include non-residents or not-ordinarily-residents who were resident in India either in the previous year to which the foreign income relates or in the previous year in which an undisclosed asset outside India was acquired; for asset acquisitions the previous year is to be determined without giving effect to the cited clause of the income-tax provision.
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