B LACK M ONEY (U NDISCLOSED F OREIGN I NCOME AND A SSETS ) AND I MPOSITION OF T AX R ULES, CA PRADEEP KUMAR RAJPUT (CA/CS/CMA)

R ULES : 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 Educational Qualifications. 11. Authority in certain cases. 12. Rounding off on income, value of assets and tax.

R ULE -1:S HORT 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

R ULE -2:D EFINITIONS Defines various terms like: 1. Act, 2. Chapter, 3. Form, 4. Income-tax Act and 5. Section.

R ULE -3: FAIR MARKET VALUE Lays down the manner of determine the fair market value of various assets like: 1. bullion, jewellery or precious stone 2. archaeological collections, drawings, paintings, sculptures or any work of art 3. shares and securities (Quoted) 4. shares and securities (Unquoted) 5. immovable property 6. an account with a bank 7. interest of a person in a partnership firm or an AOP 8. net asset of the firm, AOP, LLP 9. any other asset

R ULE -4:T AX AUTHORITIES Tax authorities shall be: 1. Assessing Officer 2. Joint Commissioner 3. Commissioner (Appeals) 4. Commissioner or Principal Commissioner 5. Chief Commissioner or Principal Chief Commissioner

R ULE -5:N OTICE OF D EMAND 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.

R ULE -6:A PPEAL TO C OMMISSIONER (A PPEALS ) 1. Against the order of Assessing officer 2. In form number Sign by person authorised to sign the return of income under section 140 of the Income-tax Act 4. Appeal form shall accompanied by a fee of ten thousand rupees 5. 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.

R ULE -7:A PPEAL TO A PPELLATE T RIBUNAL 1. In form no: Attach memorandum of cross-objections and the grounds of cross objections 3. fee of twenty five thousand rupees

R ULE -8:F ORM OF TAX ARREARS 1. Shall be drawn up by the Tax Recovery Officer 2. In form 5.

R ULE -9:D ECLARATION OF UNDISCLOSED ASSET LOCATED OUTSIDE I NDIA 1. Declaration on form Acknowledgement within 15 days by Principal Commissioner or the Commissioner 3. In form 7.

R ULE -10:E DUCATIONAL QUALIFICATIONS Same as those prescribed in rule 51 of the Income-tax Rules, 1962.

R ULE 11:A UTHORITY IN CERTAIN CASES (M ENTION IN SECTION 78) Principal Chief Commissioner or Chief Commissioner Principal Commissioner or Commissioner (where tax practitioner is alleged to be guilty of misconduct)

R ULE 12:R OUNDING 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

THANKS CA PRADEEP KUMAR RAJPUT (CA/CS/CMA)