TaxTMI 
TaxTMI 
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 prepared by CBDT with the approval of the Central Government.
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....lack Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015); (b) "Chapter" means a Chapter of the Act; (c) "Form" means a Form appended to these rules; (d) "Income-tax Act" means the Income-tax Act, 1961 (43 of 1961); (e) "section" means a section of the Act. (2) Words and expressions used and not defined in these rules but defined in the Act, the Income-tax Act or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts and rules. 3. Fair market value. ─ (1) For the purposes of sub-section (2) of section 3 of the Act, the fair market value of the assets shall be determined in the following manner, namely:- (a) value of bullion, jewellery or precious stone shall be the higher of,- (I) its cost of acquisition; and (II) the price that the bullion, jewellery or precious stone shall ordinarily fetch if sold in the open market on the valuation date for which the assessee may obtain a report from a valuer recognised by the Government of a country or specified territory outside India or any of its agencies for the purpose of valuation of bullion, j....
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.... (i) the paid-up capital in respect of equity shares; (ii) the amount set apart for payment of dividends on preference shares and equity shares; (iii) reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; (iv) any amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (vi) any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares; PE = total amount of paid up equity share capital as shown in the balance-sheet; PV= the paid up value of such equity shares; (III) the fair market value of unquoted share and security other than equity share in a company shall be the higher of,- (i) its cost of acquisition; and (ii) the price tha....
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.... in which the partners or members are entitled to share profits and the sum total of the amount so allocated to a partner or member shall be treated as the value of the interest of that partner or member in the partnership or association. Explanation.- For the purposes of this clause the net asset of the firm, association of persons or limited liability partnership shall be (A + B - L), which shall be determined in the manner provided in sub-clause (II) of clause (c). (h) valuation of any other asset shall be higher of,- (I) its cost of acquisition or the amount invested; and (II) the price that the asset would fetch if sold in the open market on the valuation date in an arm's-length transaction. (2) Notwithstanding anything contained in sub-rule (1), where an asset (other than a bank account) was transferred before the valuation date the fair market value of such asset shall be higher of its cost of acquisition and the sale price: Provided that where such asset was transferred without consideration or inadequate consideration before the valuation date, the fair market value of the asset shall be higher of its cost of acquisition and the fair market va....
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....s of this rule,- (a) "established securities market" means an exchange that is officially recognised and supervised by a Governmental entity in which the market is located and that has a meaningful annual value of shares traded on the exchange; (b) "meaningful annual value of shares traded on the exchange" with respect to an exchange means it has an annual value of shares traded on the exchange (or a predecessor exchange) exceeding one billion United States Dollar during each of the three calendar years immediately preceding the calendar year in which the determination is being made; (c) "meaningful volume of trading on an on-going basis" with respect to each class of shares means,- (i) trades in each such class are effected, other than in de minimis quantities, on one or more established securities markets on at least sixty business days during the prior calendar year; and (ii) the aggregate number of shares in each such class that are traded on such market or markets during the prior year are at least ten percent. of the average number of shares outstanding in that class during the prior calendar year; (d) "quoted share or security" means the s....
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....ade in Form 3, and where the appeal is made by the assessee, the form of appeal, the grounds of appeal and the form of verification appended thereto shall be signed by the person specified in sub-rule (2) of rule 6. (2) The memorandum of cross-objections under sub-section (4) of section 18 to the Appellate Tribunal shall be made in Form 4, and where the memorandum of cross objection is made by the assessee, the form of memorandum of cross-objections, the grounds of cross-objections and the form of verification appended thereto shall be signed by the person specified in sub-rule (2) of rule 6. (3) Every appeal filed under sub-section (1) of section 18 shall be accompanied by a fee of twenty five thousand rupees. 8. Form of tax arrears.- A statement of tax arears under section 31 or section 33 shall be drawn up by the Tax Recovery Officer in Form 5. 9. Declaration of undisclosed asset located outside India under section 59.- (1) A declaration in respect of any undisclosed asset located outside India under section 59 of the Act shall be made in Form 6. (2) The Principal Commissioner or the Commissioner shall grant an acknowledgement in Form 7 to the declarant within fif....
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....e Additional/ Joint Commissioner has been obtained for allowing a period of less than 30 days for the payment of the above sum. 3. If you do not pay the amount within the period specified above, proceedings for the recovery thereof will be taken in accordance with sections 30 to 39 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. 4. If you intend to appeal against the assessment or penalty, you may present an appeal under section 15 of the Act, to the Commissioner (Appeals)............. within thirty days of the receipt of this notice, in Form 2 as prescribed in rule 6, duly stamped and verified as laid down in that form. 5. The amount has become due as a result of the order of the Commissioner (Appeals) under section 15 of the Act. If you intend to appeal against the aforesaid order, you may present an appeal under section 18 of the Act to the Appellate Tribunal ......within sixty days of the receipt of that order, in Form 3, as prescribed in rule 7, duly stamped and verified as laid down in that form. Place ............... ................... Assessing Officer Date.............. ................. ....
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....d belief. Verified today the ....................... day of .............................. Place ............. .................... Signature Notes: 1. The form of appeal, grounds of appeal and the form of verification appended thereto shall be signed by a person in accordance with the provisions of rule 6(2). 2. The memorandum of appeal, statement of facts and the grounds of appeal shall be in duplicate accompanied by a copy of the order appealed against and the notice of demand in original, if any. 3. Delete the inappropriate words. 4. *These particulars will be filled in in the office of the Commissioner (Appeals). 5. If the space provided herein is insufficient, separate enclosures may be used for the purpose. 6. **If appeals are pending in relation to more than one assessment year, separate particulars in respect of each assessment year may be given. 7. The memorandum of appeal shall be accompanied by a fee of ten thousand rupees. 8. The fee should be credited in a branch of the authorised Bank or a branch of the State Bank of India or a branch of the Reserve Bank of India. FORM 3 [See rule 7(1)] Form of appeal to the Appellate T....
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.... .................... Signed Signed (Authorised representative, if any) (Appellant) Verification I, ......................, the appellant, do hereby declare that what is stated above is true to the best of my information and belief. Verified today the ....................... day of .............................. Place ............. ...... ................. &....
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.... under which the order appealed against was passed 4. Assessment year in connection with which the memorandum of cross-objections is preferred 5. Date of receipt of notice of appeal filed by the appellant to the Tribunal 6. Address to which notices may be sent to the respondent (cross- objector) 7. Address to which notices may be sent to the appellant 8.†Relief claimed in the memorandum of cross-objections †GROUNDS OF CROSS-OBJECTIONS 1. 2. 3. 4. etc. ........................ ........................... Signed Signed (Authorised representative, if any) (Respondent) Verification I ..................................................., the respondent, do hereby declare that what is stated above is true to....
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....reas a certificate bearing Serial Number.................. dated....................... had been forwarded by the Tax Recovery Officer, ............................, for the recovery of the sum of Rs.......................... [name of the place] details of which are given on the reverse and the said Tax Recovery Officer has sent a certified copy of the said certificate to the undersigned under section 33(2) of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 specifying a sum of Rs.............. which is to be recovered from you. 2. You are hereby directed to pay the above sum within 15 days of the receipt of this notice failing which the recovery shall be made in accordance with the provisions of section 31 to section 39 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and the Second Schedule to the Income-tax Act, 1961 and the rules made thereunder. 3. In addition to the sums aforesaid, you will also be liable for all costs, charges and expenses incurred in respect of the services of this notice and of warrants and other processes and all other proceedings taken for realising the arrears. ....
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....................... (b) Assessing Officer before whom filed, if above return filed in paper form .......................... 7. Statement of undisclosed asset located outside India (as per annexure) 8. Total amount of declaration of undisclosed asset located outside India Rs............................. 9. Tax payable thereon (@ 30% of item 8) Rs.............................. 10. Penalty payable thereon (@ 30% of item 8) Rs.............................. 11. Tax paid, if any, on or before the date of declaration Rs............................. (Attach proof of payment and provide details below) Sl BSR Code of Bank Date of Deposit (DD/MM/YYYY) Serial Number of Challan Amount (Rs) (1) (2) (3) (4) (5) i ii &nb....
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....d a notice under subsection (2) of section 143 of the said Act for the assessment year relevant to such previous year or a notice under section 153A or under section 153C of the said Act for an assessment year relevant to any previous year prior to such previous year has not been received and the time for issuance of such notice has not expired. I further declare that I am making this declaration in my capacity as....................................................... (designation) and that I am competent to make this declaration and verify it. ........................................................... (Signature) Place...................... Date....................... * Score out whichever is not applicable. Annexure to Form 6 Statement of undisclosed assets located outside India Description of assets declared (Use separate sheet in case of multiple assets in the same category) 1. Bank account (a) Name and address of Bank ________________ (b) Country of location ________________ (c) Account holder name(s) ________________ (d) Account Number ________________ (e) Account opening date ________________ (f) Sum of all credits in the a....
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....ate computation if different from (v) or (vii)) (b) Unquoted equity share [Rule 3(1)(c)(II)] (attach valuation report) (i) Description of share (A) Name of issuer __________________ (B) Number of shares __________________ (C) Type of share __________________ (ii) Country of location __________________ (iii) Name(s) under which held __________________ (iv) Cost of acquisition __________________ (v) Date(s) of acquisition __________________ (vi) Value as determined under Rule 3(1)(c)(II) __________________ (vii) Date of valuation __________________ (viii) Fair Market value as per Rule 3 __________________ (Provide separate computation if different from (iv) or (vi)) (c) Unquoted shares and securities other than equity shares in a company [Rule 3(1)(c)(III)] (attach valuation report) (i) Description of share/security (A) Name of issuer __________________ (B) Number of securities/shares __________________ (C) Type of security/share __________________ (ii) Country of location __________________ (iii) Name(s) under which held __________________ (iv) Cost of acquisition __________________ (v) Date(s) of acquisition _____....