Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which will come next year i.e. on 1 April 20

Facebook Post  |  2015-06-03 08:59:50  |  Permalink

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which will come next year i.e. on 1 April 2016 Salient feathers: . • Defines “Undisclosed Asset located outside India” as 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. • For every assessment year commencing on and from the 1st of April, 2016, every assessee shall be charged a tax in respect of his total undisclosed foreign income and asset of the previous year @ 30% of such undisclosed income and asset, provided “value of an undisclosed asset” means the fair market value of an asset (including financial interest in any entity). As well as, a penalty of a sum equal to 3 times the tax computed, in addition to the payment of tax. •

Download

Diplomatic Relations (Vienna Convention) Act, 1972 .

2015-09-18 03:40:46

Download now

Vienna Convention on Diplomatic Relations.

2015-09-17 08:01:35

Download now

Trademark Act - bare Act

2015-09-10 11:59:00

Download now

Design Act, 2000. bare Act

2015-09-10 11:43:42

Download now