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of <h1>Section 85 Empowers Rule-Making for Black Money Act: Valuation, Appeals, Tax Recovery, and More with Retrospective Effect</h1> Section 85 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 grants the Board the authority to make rules, with Central Government approval, for implementing the Act's provisions. These rules can address various aspects such as valuing undisclosed foreign assets, tax authority designation, notice service, appeals, tax recovery, document transmission, valuer approval, and authorized representative qualifications. The rules may have retrospective effect from the Act's commencement without adversely affecting assessees. Rules must be presented to Parliament, where modifications or annulments can be made without affecting prior actions under the rules.
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