Recently, CBDT has issued a notification dated 02.07.2015 regarding the e-filing Form 6 under sub-sections (1) and (2) of section 85 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015), the Central Board of Direct Taxes with the approval of the Central Government.
Definitions :
(1) In these rules, unless the context otherwise requires,-
- “Act” means the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015);
- “Chapter” means a Chapter of the Act;
- “Form” means a Form appended to these rules;
- “Income-tax Act” means the Income-tax Act, 1961 (43 of 1961);
- “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.
As per the above said act/rules, undisclosed foreign Income and Assets as Black Money declarent should pay the 30% tax and 30% penalty till 30th Sep., 2015 in Form 6.
For the purpose of determining the market value as on valuation date referred to in in sub-rule (1), and for the purpose of conversion into Indian currency or conversion of foreign currency into United States Dollar and thereafter into Indian currency, the date shall be-
- in respect of asset declared under section 59 of the Act, the 1st day of July, 2015;
- in any other case, the 1st day of April of the previous year.
Order for Due date :
The Electronic filing of Form 6 under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 has been enabled under the menu "eFile" after login. Taxpayers are requested to eFile Form 6 during the compliance window which ends on September 30, 2015
Declaration of undisclosed asset located outside India under section 59 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 FORM-6
Download Black Money Rules
Download Black Money Rules
