Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Chapter VI TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS
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Undisclosed foreign assets declared under the statute are subject to a 30% tax on value at commencement. A special 30% tax applies to undisclosed foreign assets declared under the statute's disclosure mechanism, calculated on the asset's value as measured on the Act's commencement date and overriding general Income-tax and Finance Act provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Undisclosed foreign assets declared under the statute are subject to a 30% tax on value at commencement.
A special 30% tax applies to undisclosed foreign assets declared under the statute's disclosure mechanism, calculated on the asset's value as measured on the Act's commencement date and overriding general Income-tax and Finance Act provisions.
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