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TMI BlogDefinitions.X X X X Extracts X X X X X X X X Extracts X X X X ..... ia within the meaning of section 6 of the Income-tax Act, 1961 (43 of 1961) in the previous year; or (b) being a non-resident or not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, 1961 (43 of 1961) in the previous year, who was resident in India either in the previous year to which the income referred to in section 4 relates; or in the previous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot;prescribed" means prescribed by rules made under this Act; (9) "previous year" means- (a) the period beginning with the date of setting up of a business and ending with the date of the closure of the business or the 31st day of March following the date of setting up of such business, whichever is earlier; (b) the period beginning with the date on which a new source of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an asset (including financial interest in any entity) located outside India, held by the assessee in his name or in respect of which he is a beneficial owner, and he has no explanation about the source of investment in such asset or the explanation given by him is in the opinion of the Assessing Officer unsatisfactory; (12) "undisclosed foreign income and asset" means the total amount o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, by whom tax in respect of undisclosed foreign income and assets, or any other sum of money, is payable under this Act and includes every person who is deemed to be an assessee in default under this Act;"
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