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of <h1>Amendments to Black Money Act redefine 'assessee,' introduce 're-assess' terms, and empower Commissioner on penalties.</h1> The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, is being amended to clarify the definition of 'assessee' to include residents and certain non-residents of India concerning undisclosed foreign income and assets. The amendments specify the conditions under which individuals are considered assessees based on their residency status in previous years. Additionally, changes to section 10 introduce terms 're-assess' and 'reassessment,' effective retrospectively from July 1, 2015. Amendments to section 84 apply provisions of section 144A of the Income-tax Act to the BM Act, and changes to section 17 allow the Commissioner (Appeals) to adjust penalty orders, effective from September 1, 2019.
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