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of <h1>Section 205 Amends Definition of 'Assessee' for Black Money Act; Retroactive from July 1, 2015</h1> Section 205 of the Finance (No. 2) Act, 2019 amends Section 2 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amendment redefines 'assessee' to include individuals who are residents in India as per the Income-tax Act, 1961, or non-residents who were previously residents in India during the relevant financial year. It specifies that for undisclosed assets acquired outside India, the relevant financial year will be determined without considering certain provisions of the Income-tax Act. This amendment is retroactively effective from July 1, 2015.
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