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Summary Black Money Rules

Summary Black Money Rules

Summary Black Money Rules

Summary Black Money Rules

RULES:

1. Short Title and commencement.

2. Definition.

3. Fair Market Value.

4. Tax Authorities.

5. Notice of demand.

6. Appeal to Commissioner(Appeals)

7. Appeal to Appellate Tribunal.

8. Form of Tax arrears.

9. Declaration of undisclosed assets located outside India
under section 59.

10. Educational Qualifications.

11. Authority in certain cases.

12. Rounding off on income, value of assets and tax.

RULE-1: SHORT TITLE AND COMMENCEMENT

These rules may be called the Black Money  (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015

They shall come into force on the date of their  publication in the Official Gazette

RULE-2: DEFINITIONS

Defines various terms like:

Act, Chapter, Form, Income-tax Act and Section.

RULE-3: FAIR MARKET VALUE
Lays down the manner of determine the fair market value of various assets like:  bullion, jewellery or precious stone archaeological collections, drawings, paintings, sculptures  or any work of art shares and securities (Quoted) shares and securities (Unquoted) immovable property an account with a bank interest of a person in a partnership firm or an AOP net asset of the firm, AOP, LLP any other asset

RULE-4: TAX AUTHORITIES

Tax authorities shall be:

Assessing Officer

Joint Commissioner

Commissioner (Appeals)

Commissioner or Principal Commissioner

Chief Commissioner or Principal Chief Commissioner

RULE-5: NOTICE OF DEMAND
Where any tax, interest or penalty is payable in consequence of any order passed under the provisions of  the Act, the Assessing Officer shall serve upon the  assessee a notice of demand in Form 1 specifying the sum so payable.

RULE-6: APPEAL TO COMMISSIONER (APPEALS)

Against the order of Assessing officer

In form number 2.

Sign by person authorised to sign the return of income under section 140 of the Income-tax Act Appeal form shall accompanied by a fee of ten thousand rupees No appeal shall be admitted unless at the time of filing of the appeal the assessee has paid admitted the tax along with penalty and interest.

RULE-7: APPEAL TO APPELLATE TRIBUNAL

In form no: 3.

Attach memorandum of cross-objections and the grounds of cross objections fee of twenty five thousand rupees

RULE-8: FORM OF TAX ARREARS

Shall be drawn up by the Tax Recovery Officer

In form 5.

RULE-9: DECLARATION OF UNDISCLOSED ASSET LOCATED OUTSIDE INDIA

Declaration on form 6.

Acknowledgement within 15 days by Principal Commissioner or the Commissioner

In form 7. RULE-10:
EDUCATIONAL QUALIFICATIONS

Same as those prescribed in rule 51 of the Income-tax Rules, 1962.

RULE 11: AUTHORITY IN CERTAIN CASES  (MENTION IN SECTION 78)

Principal Chief Commissioner or Chief Commissioner

Principal Commissioner or Commissioner (where tax practitioner is alleged to be guilty of misconduct)

RULE 12: ROUNDING OFF OF INCOME, VALUE OF ASSET AND TAX
Amount payable or receivable by the assessee under the Act shall be rounded off to the nearest multiple of one hundred rupees or ten rupees.

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