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TMI BlogBlack Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 prepared by CBDT with the approval of the Central Government.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, jewellery or precious stone under any regulation or law; (b) valuation of archaeological collections, drawings, pain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 that the share or security 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 share and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imited 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 value on the date of transfer. (3) Where a new asset has been acquired or made out of consideration received on account of transfer of an old asset or withdrawal from a bank account, then the fair market value of the old asset or the bank account, as the case may be, determined in accordance with sub-rule (1) and sub-rule (2) shall be reduced by the amount of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 share or security which has a meaningful volume of trading on an ongoing basis on an established securities market and is regularly quoted by dealers where they actively do offer to, and in fact do, purchase the share from, and sell the share to, customers who are not related to the dealer in the ordinary course of a business; (e) "unquoted share and security" in relation to sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m 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 fifteen days of the submission of proof of payment of tax alongwith penalty by the declarant under sub-section (2) of section 63 of the Act in respect of the undisclosed asset located outside India. 10. Educational qualifications.- The educational qualifications for the purpose of clause (f) of sub-section (3) of section 78 shall be the same as those prescribed in rule 51 of the Income-tax Rules, 1962. 11. Authority in certain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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………….. ..…………… Address Notes: 1. Delete inappropriate paragraphs and words. 2. If you wish to pay the amount by cheque, the cheque shall be drawn in favour of the Manager, authorised Bank or State Bank of India or Reserve Bank of India. FORM 2 [See rule 6(1)] Appeal to the Commissioner (Appeals) Designation of the Commissioner (Appeals) *No…………..of 20……………………… 1. Name and addres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 Tribunal In the Appellate Tribunal ……………………… *Appeal No……………..of 20……………………………… … ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... branch of the Reserve Bank of India after obtaining a challan and the triplicate challan shall be sent to the Appellate Tribunal with a memorandum of appeal. The Appellate Tribunal shall not accept cheques, drafts, hundies or other negotiable instruments. 4. The memorandum of appeal shall be written in English or, if the appeal is filed in a Bench located in any such State as is for the time being notified by the President of the Appellate Tribunal for the purposes of rule 5A of the Income-tax (Appellate Tribunal) Rules, 1963, then, at the option of the appellant, in Hindi, and shall set forth, concisely and under distinct heads, the grounds of appeal without any argument or narrative and such grounds shall be numbered consecutively. 5. *The number and year of appeal will be filled in the office of the Appellate Tribunal. 6. Delete the inapplicable columns. If the space provided is found insufficient, separate enclosures may be used for the purpose. FORM 4 [See rule 7(2)] Form of memorandum of cross-objections to the Appellate Tribunal IN THE APPELLATE TRIBUNAL ………………………………… *Cross-ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellate Tribunal. 4. **The number and year of appeal as allotted by the office of the Tribunal and appearing in the notice of appeal received by the respondent is to be filled in here by the respondent. 5. †If the space provided is found insufficient, separate enclosures may be used for the purpose. Form 5 [See rule 8] Certificate under section 31 or 33 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Office of the TRO…………………. Dated the…………………………... To ………………………………(PAN) ……………………………… 1. * This is to certify that a sum of Rs. …………..has become due from you on………….. in the status of ……………………., details of which are given on the reverse. Whereas a certificate bearing Serial Number……………… da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ………………………………………… 2. Address: Office……………………………………………………………………………………………… ………………………………………………………………………………….………………..… E-mail…………………………………………………..Telephone No………………………….. Residence……………………………………………………………&hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osit (DD/MM/YYYY) Serial Number of Challan Amount (Rs) (1) (2) (3) (4) (5) i ii 12. Balance tax payable…………………………………………………………………………………………... VERIFICATION I……………………………………………son/daughter/wife of Shri………………………………………................. (Full name in block letters) (name of father/husband) solemnly declare that− (a) the information given in this declaration is correct and complete to the best of my knowledge and belief; (b) my own undisclosed foreign asset and also any undisclosed foreign asset of other persons in respect of which I am chargeable to tax and income accruing or arising from assets held by me through any other person, for which I had failed to furnish a return under section 139 of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 account ________________ (g) Fair market Value as per Rule 3 ________________ (Provide separate computation if different from (f)) 2. Immovable property (attach valuation report) (a) Nature of property (land/building/flat etc.) ________________ (b) Address of the property ________________ (c) Country of location ________________ (d) Name(s) under which held ________________ (e) Date of acquisition ________________ (f) Total acquisition cost ________________ (g) Value as estimated by the valuer on valuation date ________________ (h) Fair Market value as per Rule 3 ________________ (Provide separate computation if different from (f) or (g)) 3. Jewellery (attach valuation report) (a) Gold (I) Purity ________, Weight _________, Value ____________ (II) Purity ________, Weight _________, Value ________ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s __________________ (C) Type of security/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)(III) __________________ (vii) Date of valuation __________________ (viii) Fair Market value as per Rule 3 __________________ (Provide separate computation if different from (iv) or (vi)) (6) Any other asset (a) Description of asset __________________ (b) Country of location __________________ (c) Name(s) under which held __________________ (d) Value as determined under Rule 3(1) __________________ (e) Date of valuation __________________ (f) Fair Market value as per Rule 3 __________________ (Provide separate computation if different from (d)) (7) Total fair market value of all the assets declared __________________ (8) Deduction as per section 5 of the Act ___________________ (where part of asset acquired from income already assessed under the Income-tax Act) (to be provided in respect of each asset separately) (9) Deduction on account of investment made in the asset du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llip;……………………………………………………... 3) PAN …………………………………………………………… 4) Receipt No. and date of filing the Declaration: ……………………………………………………….. 5) Details of Declaration [As per Annexure to Form 6 (to be countersigned by the Principal Commissioner or Commissioner)] Total fair market value of all the assets declared and accepted Rs. ……………………………………………… 6) Tax payable on the assets declared & accepted Rs. ……………………………………………… 7) Penalty payable on the assets declared & accepted Rs. ……&hell ..... X X X X Extracts X X X X X X X X Extracts X X X X
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