CBDT Issues a Circular Clarifying Another Set of 27 Queries Relatinga to Tax Compliance Provision Under Chapter VI of the Black Money Act

The Central Board of Direct Taxes (CBDT) has considered the queries received from the public about the tax compliance provisions under Chapter-VI of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘Black Money Act’) and issued a Circular here today clarifying another set of 27 queries.  The Circular is available on the website of the Income-tax Department at www.incometaxindia.gov.in. Earlier the Board had issued a Circular on 6^th July, 2015 clarifying 32 queries regarding tax compliance provision under the said Act..  

The Black Money Act has introduced a tax compliance provision under Chapter-VI of the Act. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) were also notified vide Notification no. G.S.R. 529 (E) dated 2^nd July, 2015