Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015

Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Rules, 2015 pre­pared by CBDT with the approval of the Cen­tral Gov­ern­ment. — 58/2015 — Dat­ed 2–7‑2015 — Income Tax

G.S.R. 529 (E).- In exer­cise of the pow­ers con­ferred by 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 here­by makes the fol­low­ing rules, namely:-

1. Short title and com­mence­ment. ─ (1) These rules may be called the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Rules, 2015.

(2) They shall come into force on the date of their pub­li­ca­tion in the Offi­cial Gazette.

2. Def­i­n­i­tions. ─ (1) In these rules, unless the con­text oth­er­wise requires,-

(a) “Act” means the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015 (22 of 2015);

(b) “Chap­ter” means a Chap­ter of the Act;

© “Form” means a Form append­ed to these rules;

(d) “Income-tax Act” means the Income-tax Act, 1961 (43 of 1961);

(e) “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.

3. Fair mar­ket val­ue. ─ (1) For the pur­pos­es of sub-sec­tion (2) of sec­tion 3 of the Act, the fair mar­ket val­ue of the assets shall be deter­mined in the fol­low­ing man­ner, namely:-

(a) val­ue of bul­lion, jew­ellery or pre­cious stone shall be the high­er of,-

(I) its cost of acqui­si­tion; and

(II) the price that the bul­lion, jew­ellery or pre­cious stone shall ordi­nar­i­ly fetch if sold in the open mar­ket on the val­u­a­tion date for which the assessee may obtain a report from a val­uer recog­nised by the Gov­ern­ment of a coun­try or spec­i­fied ter­ri­to­ry out­side India or any of its agen­cies for the pur­pose of val­u­a­tion of bul­lion, jew­ellery or pre­cious stone under any reg­u­la­tion or law;

(b) val­u­a­tion of archae­o­log­i­cal col­lec­tions, draw­ings, paint­ings, sculp­tures or any work of art (here­inafter referred to as artis­tic work) shall be the high­er of,-

(I) its cost of acqui­si­tion; and

(II) the price that the artis­tic work shall ordi­nar­i­ly fetch if sold in the open mar­ket on the val­u­a­tion date for which the assessee may obtain a report from a val­uer recog­nised by the Gov­ern­ment of a coun­try or spec­i­fied ter­ri­to­ry out­side India or any of its agen­cies for the pur­pose of val­u­a­tion of artis­tic work under any reg­u­la­tion or law;

© val­u­a­tion of shares and securities,-

(I) the fair mar­ket val­ue of quot­ed share and secu­ri­ties shall be the high­er of,-

(i) its cost of acqui­si­tion; and

(ii) the price as deter­mined in the fol­low­ing man­ner, namely:-

(A) the aver­age of the low­est and high­est price of such shares and secu­ri­ties quot­ed on any estab­lished secu­ri­ties mar­ket on the val­u­a­tion date; or

(B) where on the val­u­a­tion date there is no trad­ing in such shares and secu­ri­ties on any estab­lished secu­ri­ties mar­ket, aver­age of the low­est and high­est price of such shares and secu­ri­ties on any estab­lished secu­ri­ties mar­ket on a date imme­di­ate­ly pre­ced­ing the val­u­a­tion date when such shares and secu­ri­ties were trad­ed on such secu­ri­ties market;

(II) the fair mar­ket val­ue of unquot­ed equi­ty shares shall be the high­er of,-

(i) its cost of acqui­si­tion; and

(ii) the val­ue, on the val­u­a­tion date, of such equi­ty shares as deter­mined in the fol­low­ing man­ner, namely:-

the fair mar­ket val­ue of unquot­ed equi­ty shares = (A+B–L)/ (PE) x (PV),

where,

A= book val­ue of all the assets (oth­er than bul­lion, jew­ellery, pre­cious stone, artis­tic work, shares, secu­ri­ties and immov­able prop­er­ty) as reduced by,- (i) any amount of income-tax paid, if any, less the amount of income-tax refund claimed, if any, and (ii) any amount shown as asset includ­ing the unamor­tised amount of deferred expen­di­ture which does not rep­re­sent the val­ue of any asset;

B= fair mar­ket val­ue of bul­lion, jew­ellery, pre­cious stone, artis­tic work, shares, secu­ri­ties and immov­able prop­er­ty as deter­mined in the man­ner pro­vid­ed in this rule;

L= book val­ue of lia­bil­i­ties, but not includ­ing the fol­low­ing amounts, namely:-

(i) the paid-up cap­i­tal in respect of equi­ty shares;

(ii) the amount set apart for pay­ment of div­i­dends on pref­er­ence shares and equi­ty shares;

(iii) reserves and sur­plus, by what­ev­er name called, even if the result­ing fig­ure is neg­a­tive, oth­er than those set apart towards depreciation;

(iv) any amount rep­re­sent­ing pro­vi­sion for tax­a­tion, oth­er than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with ref­er­ence to the book prof­its in accor­dance with the law applic­a­ble thereto;

(v) any amount rep­re­sent­ing pro­vi­sions made for meet­ing lia­bil­i­ties, oth­er than ascer­tained liabilities;

(vi) any amount rep­re­sent­ing con­tin­gent lia­bil­i­ties oth­er than arrears of div­i­dends payable in respect of cumu­la­tive pref­er­ence shares;

PE = total amount of paid up equi­ty share cap­i­tal as shown in the balance-sheet;

PV= the paid up val­ue of such equi­ty shares;

(III) the fair mar­ket val­ue of unquot­ed share and secu­ri­ty oth­er than equi­ty share in a com­pa­ny shall be the high­er of,-

(i) its cost of acqui­si­tion; and

(ii) the price that the share or secu­ri­ty shall ordi­nar­i­ly fetch if sold in the open mar­ket on the val­u­a­tion date for which the assessee may obtain a report from a val­uer recog­nised by the Gov­ern­ment of a coun­try or spec­i­fied ter­ri­to­ry out­side India or any of its agen­cies for the pur­pose of val­u­a­tion of share and secu­ri­ty under any reg­u­la­tion or law;

(d) the fair mar­ket val­ue of an immov­able prop­er­ty shall be high­er of,-

(I) its cost of acqui­si­tion; and

(II) the price that the prop­er­ty shall ordi­nar­i­ly fetch if sold in the open mar­ket on the val­u­a­tion date for which the assessee may obtain a val­u­a­tion report from a val­uer recog­nised by the Gov­ern­ment of a coun­try or spec­i­fied ter­ri­to­ry out­side India in which the prop­er­ty is locat­ed or any of its agen­cies for the pur­pose of val­u­a­tion of immov­able prop­er­ty under any reg­u­la­tion or law;

(e) val­ue of an account with a bank shall be,-

(I) the sum of all the deposits made in the account with the bank since the date of open­ing of the account; or

(II) where a dec­la­ra­tion of such account has been made under Chap­ter VI and the val­ue of the account as com­put­ed under sub-clause (I) has been charged to tax and penal­ty under that Chap­ter, the sum of all the deposits made in the account with the bank since the date of such declaration:

Pro­vid­ed that where any deposit is made from the pro­ceeds of any with­draw­al from the account, such deposit shall not be tak­en into con­sid­er­a­tion while com­put­ing the val­ue of the account.

(f) val­ue of an inter­est of a per­son in a part­ner­ship firm or in an asso­ci­a­tion of per­sons or a lim­it­ed lia­bil­i­ty part­ner­ship of which he is a mem­ber shall be deter­mined in the man­ner spec­i­fied in clause (g).

(g) The net asset of the firm, asso­ci­a­tion of per­sons or lim­it­ed lia­bil­i­ty part­ner­ship on the val­u­a­tion date shall first be deter­mined and the por­tion of the net asset of the firm, asso­ci­a­tion of per­sons or lim­it­ed lia­bil­i­ty part­ner­ship as is equal to the amount of its cap­i­tal shall be allo­cat­ed among its part­ners or mem­bers in the pro­por­tion in which cap­i­tal has been con­tributed by them and the residue of the net asset shall be allo­cat­ed among the part­ners or mem­bers in accor­dance with the agree­ment of part­ner­ship or asso­ci­a­tion for dis­tri­b­u­tion of assets in the event of dis­so­lu­tion of the firm or asso­ci­a­tion, or, in the absence of such agree­ment, in the pro­por­tion in which the part­ners or mem­bers are enti­tled to share prof­its and the sum total of the amount so allo­cat­ed to a part­ner or mem­ber shall be treat­ed as the val­ue of the inter­est of that part­ner or mem­ber in the part­ner­ship or association.

Expla­na­tion.- For the pur­pos­es of this clause the net asset of the firm, asso­ci­a­tion of per­sons or lim­it­ed lia­bil­i­ty part­ner­ship shall be (A + B – L), which shall be deter­mined in the man­ner pro­vid­ed in sub-clause (II) of clause ©.

(h) val­u­a­tion of any oth­er asset shall be high­er of,-

(I) its cost of acqui­si­tion or the amount invest­ed; and

(II) the price that the asset would fetch if sold in the open mar­ket on the val­u­a­tion date in an arm’s‑length transaction.

(2) Notwith­stand­ing any­thing con­tained in sub-rule (1), where an asset (oth­er than a bank account) was trans­ferred before the val­u­a­tion date the fair mar­ket val­ue of such asset shall be high­er of its cost of acqui­si­tion and the sale price:

Pro­vid­ed that where such asset was trans­ferred with­out con­sid­er­a­tion or inad­e­quate con­sid­er­a­tion before the val­u­a­tion date, the fair mar­ket val­ue of the asset shall be high­er of its cost of acqui­si­tion and the fair mar­ket val­ue on the date of transfer.

(3) Where a new asset has been acquired or made out of con­sid­er­a­tion received on account of trans­fer of an old asset or with­draw­al from a bank account, then the fair mar­ket val­ue of the old asset or the bank account, as the case may be, deter­mined in accor­dance with sub-rule (1) and sub-rule (2) shall be reduced by the amount of the con­sid­er­a­tion invest­ed in the new asset.

Illus­tra­tion

A house prop­er­ty (H1) locat­ed out­side India was bought in 1997 for twen­ty lakh rupees. It was sold in 2001 for twen­ty five lakh rupees which were deposit­ed in a for­eign bank account (BA). In 2002 anoth­er house prop­er­ty (H2) was bought for thir­ty lakh rupees. The invest­ment in H2 was made through with­draw­al from BA. H2 has not been trans­ferred before the val­u­a­tion date and its val­ue on the val­u­a­tion date is fifty lakh rupees. Assum­ing that the val­ue of BA as com­put­ed under Rule 3(1)(e) is sev­en­ty lakh rupees, the fair mar­ket val­ue (FMV) of the assets shall be as below:

FMV of H1: (High­er of ₹ 20 lakh and 25 lakh) – ₹ 25 lakh (invest­ed in BA) = Nil

FMV of BA: ₹ 70 lakh – ₹ 30 lakh (invest­ed in H2) = ₹ 40 lakh

FMV of H2: (High­er of ₹ 30 lakh and 50 lakh) = ₹ 50 lakh

(4) The fair mar­ket val­ue of an asset deter­mined in a cur­ren­cy which is one of the per­mit­ted cur­ren­cies des­ig­nat­ed by the Reserve Bank of India under the For­eign Exchange Man­age­ment Reg­u­la­tions, shall be con­vert­ed into Indi­an cur­ren­cy as per the ref­er­ence rate of the Reserve Bank of India on the date of valuation.

(5) Where the fair mar­ket val­ue of an asset is deter­mined in a cur­ren­cy oth­er than one of the per­mit­ted cur­ren­cies des­ig­nat­ed by the Reserve Bank of India, then, such val­ue shall be con­vert­ed into Unit­ed States Dol­lar on the date of val­u­a­tion as per the rate spec­i­fied by the Cen­tral Bank of the coun­try or juris­dic­tion in which the asset is locat­ed and such val­ue in Unit­ed States Dol­lar shall be con­vert­ed into Indi­an cur­ren­cy as per the ref­er­ence rate of the Reserve Bank of India on the date of valuation:

Pro­vid­ed that where the Cen­tral Bank of the coun­try or juris­dic­tion in which the asset is locat­ed does not spec­i­fy the rate of con­ver­sion from its local cur­ren­cy to Unit­ed States Dol­lar then such rate shall be the one as spec­i­fied by any oth­er bank reg­u­lat­ed under the laws of that coun­try or jurisdiction.

Expla­na­tion 1.- For the pur­pos­es of this rule,-

(a) “estab­lished secu­ri­ties mar­ket” means an exchange that is offi­cial­ly recog­nised and super­vised by a Gov­ern­men­tal enti­ty in which the mar­ket is locat­ed and that has a mean­ing­ful annu­al val­ue of shares trad­ed on the exchange;

(b) “mean­ing­ful annu­al val­ue of shares trad­ed on the exchange” with respect to an exchange means it has an annu­al val­ue of shares trad­ed on the exchange (or a pre­de­ces­sor exchange) exceed­ing one bil­lion Unit­ed States Dol­lar dur­ing each of the three cal­en­dar years imme­di­ate­ly pre­ced­ing the cal­en­dar year in which the deter­mi­na­tion is being made;

© “mean­ing­ful vol­ume of trad­ing on an on-going basis” with respect to each class of shares means,- (i) trades in each such class are effect­ed, oth­er than in de min­imis quan­ti­ties, on one or more estab­lished secu­ri­ties mar­kets on at least six­ty busi­ness days dur­ing the pri­or cal­en­dar year; and (ii) the aggre­gate num­ber of shares in each such class that are trad­ed on such mar­ket or mar­kets dur­ing the pri­or year are at least ten per­cent. of the aver­age num­ber of shares out­stand­ing in that class dur­ing the pri­or cal­en­dar year;

(d) “quot­ed share or secu­ri­ty” means the share or secu­ri­ty which has a mean­ing­ful vol­ume of trad­ing on an ongo­ing basis on an estab­lished secu­ri­ties mar­ket and is reg­u­lar­ly quot­ed by deal­ers where they active­ly do offer to, and in fact do, pur­chase the share from, and sell the share to, cus­tomers who are not relat­ed to the deal­er in the ordi­nary course of a business;

(e) “unquot­ed share and secu­ri­ty” in rela­tion to share or secu­ri­ty means share or secu­ri­ty which is not a quot­ed share or security.

Expla­na­tion 2.- 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-

(a) in respect of asset declared under sec­tion 59 of the Act, the 1st day of July, 2015;

(b) in any oth­er case, the 1st day of April of the pre­vi­ous year.

4. Tax author­i­ties.- For the pur­pos­es of sec­tion 8, the tax author­i­ties shall be the Assess­ing Offi­cer, Joint Com­mis­sion­er, Com­mis­sion­er (Appeals), Com­mis­sion­er or Prin­ci­pal Com­mis­sion­er, Chief Com­mis­sion­er or Prin­ci­pal Chief Commissioner.

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.

6. Appeal to Com­mis­sion­er (Appeals). ─ (1) An appeal under sub-sec­tion (1) of sec­tion 15 to the Com­mis­sion­er (Appeals) shall be made in Form 2.

(2) The form of appeal referred to in sub-rule (1), the grounds of appeal and the form of ver­i­fi­ca­tion append­ed there­to relat­ing to an assessee shall be signed and ver­i­fied by the per­son who is autho­rised to sign the return of income under sec­tion 140 of the Income-tax Act, as applic­a­ble to the assessee.

(3) Every appeal filed under sub-sec­tion (1) of sec­tion 15 shall be accom­pa­nied by a fee of ten thou­sand rupees.

(4) No appeal under sub-sec­tion (1) of sec­tion 15 shall be admit­ted unless at the time of fil­ing of the appeal the assessee has paid the tax along­with penal­ty and inter­est there­on on the amount of lia­bil­i­ty which has not been object­ed to by the assessee.

7. Appeal to Appel­late Tri­bunal. ─ (1) An appeal under sub-sec­tion (1) of sec­tion 18 to the Appel­late Tri­bunal shall be made in Form 3, and where the appeal is made by the assessee, the form of appeal, the grounds of appeal and the form of ver­i­fi­ca­tion append­ed there­to shall be signed by the per­son spec­i­fied in sub-rule (2) of rule 6.

(2) The mem­o­ran­dum of cross-objec­tions under sub-sec­tion (4) of sec­tion 18 to the Appel­late Tri­bunal shall be made in Form 4, and where the mem­o­ran­dum of cross objec­tion is made by the assessee, the form of mem­o­ran­dum of cross-objec­tions, the grounds of cross-objec­tions and the form of ver­i­fi­ca­tion append­ed there­to shall be signed by the per­son spec­i­fied in sub-rule (2) of rule 6.

(3) Every appeal filed under sub-sec­tion (1) of sec­tion 18 shall be accom­pa­nied by a fee of twen­ty five thou­sand rupees.

8. Form of tax arrears.- A state­ment of tax arears under sec­tion 31 or sec­tion 33 shall be drawn up by the Tax Recov­ery Offi­cer in Form 5.

9. Dec­la­ra­tion of undis­closed asset locat­ed out­side India under sec­tion 59.- (1) A dec­la­ra­tion in respect of any undis­closed asset locat­ed out­side India under sec­tion 59 of the Act shall be made in Form 6.

(2) The Prin­ci­pal Com­mis­sion­er or the Com­mis­sion­er shall grant an acknowl­edge­ment in Form 7 to the declar­ant with­in fif­teen days of the sub­mis­sion of proof of pay­ment of tax along with penal­ty by the declar­ant under sub-sec­tion (2) of sec­tion 63 of the Act in respect of the undis­closed asset locat­ed out­side India.

10. Edu­ca­tion­al qual­i­fi­ca­tions.- The edu­ca­tion­al qual­i­fi­ca­tions for the pur­pose of clause (f) of sub-sec­tion (3) of sec­tion 78 shall be the same as those pre­scribed in rule 51 of the Income-tax Rules, 1962.

11. Author­i­ty in cer­tain cas­es.- For the pur­pos­es of clause © of sub-sec­tion (4) of sec­tion 78, the author­i­ty shall be the Prin­ci­pal Chief Com­mis­sion­er or Chief Com­mis­sion­er or Prin­ci­pal Com­mis­sion­er or Com­mis­sion­er hav­ing juris­dic­tion over the case in the pro­ceed­ings con­nect­ed with which the tax prac­ti­tion­er is alleged to be guilty of misconduct.

12. Round­ing off of income, val­ue of asset and tax. ─ For the pur­pose of sec­tion 79 the amount of undis­closed for­eign income and asset com­put­ed in accor­dance with the Act and any 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, as the case may be and for this pur­pose, where such amount con­tains a part of a rupee con­sist­ing of paise then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored.

APPENDIX

FORM 1
[See rule 5]
Notice of demand

To
………………………
……………………….                                     Status…………………
………………………..                                    PAN….. ……………..

1. This is to give you notice that for the assess­ment year …………… a sum of Rs. ……………….., details of which are giv­en on the reverse, has been deter­mined to be payable by you.

2. The amount should be paid to the Man­ag­er, autho­rised Bank or State Bank of India or Reserve Bank of India at …………………. with­in …………… days of the ser­vice of this notice. The pre­vi­ous approval of the Additional/ Joint Com­mis­sion­er has been obtained for allow­ing a peri­od of less than 30 days for the pay­ment of the above sum.

3. If you do not pay the amount with­in the peri­od spec­i­fied above, pro­ceed­ings for the recov­ery there­of will be tak­en in accor­dance with sec­tions 30 to 39 of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015.

4. If you intend to appeal against the assess­ment or penal­ty, you may present an appeal under sec­tion 15 of the Act, to the Com­mis­sion­er (Appeals)…………. with­in thir­ty days of the receipt of this notice, in Form 2 as pre­scribed in rule 6, duly stamped and ver­i­fied as laid down in that form.

5. The amount has become due as a result of the order of the Com­mis­sion­er (Appeals) under sec­tion 15 of the Act. If you intend to appeal against the afore­said order, you may present an appeal under sec­tion 18 of the Act to the Appel­late Tri­bunal ……with­in six­ty days of the receipt of that order, in Form 3, as pre­scribed in rule 7, duly stamped and ver­i­fied as laid down in that form.

Place ……………	………………. Assess­ing Officer
Date…………..	..…………… Address

Notes:

1. Delete inap­pro­pri­ate para­graphs and words.

2. If you wish to pay the amount by cheque, the cheque shall be drawn in favour of the Man­ag­er, autho­rised Bank or State Bank of India or Reserve Bank of India.

FORM 2
[See rule 6(1)]

Appeal to the Com­mis­sion­er (Appeals)
Des­ig­na­tion of the Com­mis­sion­er (Appeals)

*No…………..of 20………………………

1. Name and address of the appellant

2. Per­ma­nent Account Number

3. Assess­ment year in con­nec­tion with which the appeal is preferred

4. Assess­ing Offi­cer pass­ing the order appealed against

5. Sec­tion and sub-sec­tion of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015, under which the Assess­ing Offi­cer passed the order appealed against and the date of such order

6. Where the appeal relates to any assess­ment or penal­ty, the date of ser­vice of the rel­e­vant notice of demand

7. In any oth­er case, the date of ser­vice of the inti­ma­tion of the order appealed against

8. Sec­tion and sub-sec­tion of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015, under which the appeal is preferred

9. Relief claimed in appeal

10. Amount of tax along­with penal­ty and inter­est there­on, aris­ing out of the order in which appeal is pre­ferred, that is not object­ed to by the appel­lant in appeal

11. Whether the undis­put­ed amount referred to in item 10 has been paid (if yes, give details of date of pay­ment, chal­lan num­ber and amount paid)

12. **Where an appeal in rela­tion to any oth­er assess­ment year is pend­ing in the case of the appel­lant with any Com­mis­sion­er (Appeals), give the details as to the -

(a) Com­mis­sion­er (Appeals), with whom the appeal is pending;

(b) assess­ment year in con­nec­tion with which the appeal has been preferred;

© Assess­ing Offi­cer pass­ing the order appealed against;

(d) Sec­tion and sub-sec­tion of the Act, under which the Assess­ing Offi­cer passed the order appealed against and the date of such order

13. Address to which notices may be sent to the appellant

……………..
Signed
(Appel­lant)

STATEMENT OF FACTS
GROUNDS OF APPEAL

……………..
Signed
(Appel­lant)

Form of Verification

I, ……………………….…., the appel­lant, do here­by declare that what is stat­ed above is true to the best of my infor­ma­tion and belief.

Ver­i­fied today the ………………….. day of …………………………

Place ………….

…….………….
Signature

Notes:

1. The form of appeal, grounds of appeal and the form of ver­i­fi­ca­tion append­ed there­to shall be signed by a per­son in accor­dance with the pro­vi­sions of rule 6(2).

2. The mem­o­ran­dum of appeal, state­ment of facts and the grounds of appeal shall be in dupli­cate accom­pa­nied by a copy of the order appealed against and the notice of demand in orig­i­nal, if any.

3. Delete the inap­pro­pri­ate words.

4. *These par­tic­u­lars will be filled in in the office of the Com­mis­sion­er (Appeals).

5. If the space pro­vid­ed here­in is insuf­fi­cient, sep­a­rate enclo­sures may be used for the purpose.

6. **If appeals are pend­ing in rela­tion to more than one assess­ment year, sep­a­rate par­tic­u­lars in respect of each assess­ment year may be given.

7. The mem­o­ran­dum of appeal shall be accom­pa­nied by a fee of ten thou­sand rupees.

8. The fee should be cred­it­ed in a branch of the autho­rised Bank or a branch of the State Bank of India or a branch of the Reserve Bank of India.

FORM 3
[See rule 7(1)]

Form of appeal to the Appel­late Tribunal

In the Appel­late Tribunal ………………………
*Appeal No……………..of 20………………………………

…………………………..                                                   …………………………
APPELLANT                                ver­sus                   RESPONDENT

1. The State in which the assess­ment was made

2. Per­ma­nent Account Num­ber of the assessee (Appellant/Respondent)

3. Sec­tion under which the order appealed against was passed

4. Assess­ment year in con­nec­tion with which the appeal is preferred

5. Total undis­closed for­eign income and asset assessed by the Assess­ing Offi­cer for the assess­ment year referred to in item 4

6. The Assess­ing Offi­cer pass­ing the orig­i­nal order

7. Sec­tion of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015 under which the Assess­ing Offi­cer passed the order

8. The Com­mis­sion­er (Appeals) pass­ing the order under sec­tion 12/15/45

9. Date of com­mu­ni­ca­tion of the order appealed against

10. Address to which notices may be sent to the appellant

11. Address to which notices may be sent to the respondent

12. Relief claimed in appeal

GROUNDS OF APPEAL

1.                2.                   3.                    4       . etc.

……………………………                                           …….………….
Signed                                                       Signed
(Autho­rised rep­re­sen­ta­tive, if any) (Appel­lant)

Ver­i­fi­ca­tion

I, …………………., the appel­lant, do here­by declare that what is stat­ed above is true to the best of my infor­ma­tion and belief.

Ver­i­fied today the ………………….. day of …………………………

Place …………. ……                                

……………..
Signed

Notes:

1. The mem­o­ran­dum of appeal shall be in trip­li­cate accom­pa­nied by two copies (at least one of which should be a cer­ti­fied copy) of the order appealed against, two copies of the rel­e­vant order of the Assess­ing Offi­cer, two copies of the grounds of appeal before the first appel­late author­i­ty, two copies of the state­ment of facts, if any, filed before the said appel­late authority.

2. The mem­o­ran­dum of appeal by an assessee under sub-sec­tion (1) of sec­tion 18 of the shall be accom­pa­nied by a fee of twen­ty five thou­sand rupees.

3. The fee shall be cred­it­ed in a branch of the autho­rised Bank or a branch of the State Bank of India or a branch of the Reserve Bank of India after obtain­ing a chal­lan and the trip­li­cate chal­lan shall be sent to the Appel­late Tri­bunal with a mem­o­ran­dum of appeal. The Appel­late Tri­bunal shall not accept cheques, drafts, hundies or oth­er nego­tiable instruments.

4. The mem­o­ran­dum of appeal shall be writ­ten in Eng­lish or, if the appeal is filed in a Bench locat­ed in any such State as is for the time being noti­fied by the Pres­i­dent of the Appel­late Tri­bunal for the pur­pos­es of rule 5A of the Income-tax (Appel­late Tri­bunal) Rules, 1963, then, at the option of the appel­lant, in Hin­di, and shall set forth, con­cise­ly and under dis­tinct heads, the grounds of appeal with­out any argu­ment or nar­ra­tive and such grounds shall be num­bered consecutively.

5. *The num­ber and year of appeal will be filled in the office of the Appel­late Tribunal.

6. Delete the inap­plic­a­ble columns. If the space pro­vid­ed is found insuf­fi­cient, sep­a­rate enclo­sures may be used for the purpose.

FORM 4
[See rule 7(2)]

Form of mem­o­ran­dum of cross-objec­tions to the Appel­late Tribunal

IN THE APPELLATE TRIBUNAL …………………………………

*Cross-objec­tion No. …………………….. of ………………

**In Appeal No. ………………………of………………

……………………… Ver­sus …………………………..
APPELLANT                    RESPONDENT

1. **Appeal No. allot­ted by the Tri­bunal to which mem­o­ran­dum of cross-objec­tions relates

2. The State in which the assess­ment was made

3. Sec­tion under which the order appealed against was passed

4. Assess­ment year in con­nec­tion with which the mem­o­ran­dum of cross-objec­tions is preferred

5. Date of receipt of notice of appeal filed by the appel­lant to the Tribunal

6. Address to which notices may be sent to the respon­dent (cross- objector)

7. Address to which notices may be sent to the appellant

8.†Relief claimed in the mem­o­ran­dum of cross-objections

†GROUNDS OF CROSS-OBJECTIONS

1.

2.

3.

4. etc.
……………………                             ………………………
Signed                                            Signed
(Autho­rised rep­re­sen­ta­tive, if any) (Respon­dent)

Ver­i­fi­ca­tion

I ……………………………………………, the respon­dent, do here­by declare that what is stat­ed above is true to the best of my infor­ma­tion and belief.

Ver­i­fied today the …………. day of …………………

                                                           ……………
Signed

Notes :

1. The mem­o­ran­dum of cross-objec­tions must be in triplicate.

2. The mem­o­ran­dum of cross-objec­tions should be writ­ten in Eng­lish or, if the mem­o­ran­dum is filed in a Bench locat­ed in any such State as is for the time being noti­fied by the Pres­i­dent of the Appel­late Tri­bunal for the pur­pos­es of rule 5A of the Income-tax (Appel­late Tri­bunal) Rules, 1963, then, at the option of the respon­dent, in Hin­di, and should set forth, con­cise­ly and under dis­tinct heads, the cross-objec­tions with­out any argu­ment or nar­ra­tive and such objec­tions should be num­bered consecutively.

3. *The num­ber and year of mem­o­ran­dum of cross-objec­tions will be filled in in the office of the Appel­late Tribunal.

4. **The num­ber and year of appeal as allot­ted by the office of the Tri­bunal and appear­ing in the notice of appeal received by the respon­dent is to be filled in here by the respondent.

5. †If the space pro­vid­ed is found insuf­fi­cient, sep­a­rate enclo­sures may be used for the purpose.

Form 5
[See rule 8]

Cer­tifi­cate under sec­tion 31 or 33 of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015

Office of the TRO………………….
Dat­ed the……………………………

To
………………………………(PAN)
………………………………

1. * This is to cer­ti­fy that a sum of Rs. …………..has become due from you on………….. in the sta­tus of ……………………., details of which are giv­en on the reverse.
Where­as a cer­tifi­cate bear­ing Ser­i­al Num­ber……………… dat­ed………………….. had been for­ward­ed by the Tax Recov­ery Offi­cer, …………………….…, for the recov­ery of the sum of Rs…………………..…

[name of the place]

details of which are giv­en on the reverse and the said Tax Recov­ery Offi­cer has sent a cer­ti­fied copy of the said cer­tifi­cate to the under­signed under sec­tion 33(2) of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015 spec­i­fy­ing a sum of Rs………….. which is to be recov­ered from you.

2. You are here­by direct­ed to pay the above sum with­in 15 days of the receipt of this notice fail­ing which the recov­ery shall be made in accor­dance with the pro­vi­sions of sec­tion 31 to sec­tion 39 of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015 and the Sec­ond Sched­ule to the Income-tax Act, 1961 and the rules made thereunder.

3. In addi­tion to the sums afore­said, you will also be liable for all costs, charges and expens­es incurred in respect of the ser­vices of this notice and of war­rants and oth­er process­es and all oth­er pro­ceed­ings tak­en for real­is­ing the arrears.

SEAL

…………………….…
Tax Recov­ery Officer

*Score out whichev­er para­graph is not applicable.

DETAILS OF AMOUNT IN ARREARS

Form 6

Tax com­pli­ance for undis­closed for­eign asset

[See rule 9(1)]

Form of 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

To,

The Prin­ci­pal Commissioner/Commissioner

……………………………………

Sir/ Madam,

I here­by make a dec­la­ra­tion under sec­tion 59 of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015. I give below the nec­es­sary particulars:−

1. Name of the declarant ……………….………………………………………………………………………

2. Address: Office………………………………………………………………………………………………

………………………………………………………………………………….………………..…

E‑mail…………………………………………………..Telephone No…………………………..

Res­i­dence………………………………………………………………………….….….….….….……

……………………………………… ……………………………………………….………………

E‑mail…………………………………………………..Telephone No………..…………………

3. Per­ma­nent Account Num­ber (PAN) ………..………………………

(In case PAN is not held, please apply for PAN and quote here)

4. Original/Revised declaration ………………………………

(If Revised pro­vide date of fil­ing orig­i­nal declaration)

5. Sta­tus of the declarant

(a) State whether indi­vid­ual, HUF, firm, com­pa­ny etc. ……………………………….

(b) State whether Res­i­den­t/Non-Res­i­den­t/Not ordi­nar­i­ly resident …………….…………………

6. Whether any Income-tax return has been filed? Yes/No. If Yes pro­vide the fol­low­ing details

(a) Asst. Year for which last return filed …………….………

(b) Assess­ing Offi­cer before whom filed, if above return filed in paper form ………………..……

7. State­ment of undis­closed asset locat­ed out­side India (as per annexure)

8. Total amount of dec­la­ra­tion of undis­closed asset locat­ed out­side India Rs………………………..

9. Tax payable there­on (@ 30% of item 8) Rs.………………..………

10. Penal­ty payable there­on (@ 30% of item 8) Rs.…………………..……

11. Tax paid, if any, on or before the date of dec­la­ra­tion Rs.…………….…………
(Attach proof of pay­ment and pro­vide details below)

12. Bal­ance tax payable……………………………………………………………………………………………

VERIFICATION

I……………………………………………son/daughter/wife of Shri……………………………………….….….….….

(Full name in block let­ters) (name of father/husband)

solemn­ly declare that−

(a) the infor­ma­tion giv­en in this dec­la­ra­tion is cor­rect and com­plete to the best of my knowl­edge and belief;

(b) my own undis­closed for­eign asset and also any undis­closed for­eign asset of oth­er per­sons in respect of which I am charge­able to tax and income accru­ing or aris­ing from assets held by me through any oth­er per­son, for which I had failed to fur­nish a return under sec­tion 139 of the Income-tax Act, 1961/which I had failed to dis­close in a return of income fur­nished by me before the com­mence­ment of the Act/which has oth­er­wise escaped assess­ment, has been dis­closed in this declaration;

© the pro­vi­sions of sec­tion 71(a) in respect of Con­ser­va­tion of For­eign Exchange and Pre­ven­tion of Smug­gling Activ­i­ties Act, 1974 are not applic­a­ble to me;

(d) the pro­vi­sion of sec­tion 71(b) in respect of Indi­an penal Code, the Nar­cot­ic Drugs and Psy­chotrop­ic Sub­stances Act, 1985, the Unlaw­ful Activ­i­ties (Pre­ven­tion) Act, 1967, the Pre­ven­tion of Cor­rup­tion Act, 1988 are not applic­a­ble to me;

(e) the under­signed has not been noti­fied under sec­tion 3 of the Spe­cial Court (Tri­al of Offences Relat­ing to Trans­ac­tions in Secu­ri­ties) Act, 1992;

(f) the asset declared has not been acquired from income charge­able to tax under the Income-tax Act for any pre­vi­ous year rel­e­vant to assess­ment year,-

(i) where a notice under sec­tion 142 or sub-sec­tion (2) of sec­tion 143 or sec­tion 148 or sec­tion 153A or sec­tion 153C of the Income-tax Act has been received in respect of such assess­ment year and the pro­ceed­ing is pend­ing before the Assess­ing Officer;

(ii) where a search has been con­duct­ed under sec­tion 132 or req­ui­si­tion has been made under sec­tion 132A or a sur­vey has been car­ried out under sec­tion 133A of the Income-tax Act in a pre­vi­ous year and a notice under sub­sec­tion (2) of sec­tion 143 of the said Act for the assess­ment year rel­e­vant to such pre­vi­ous year or a notice under sec­tion 153A or under sec­tion 153C of the said Act for an assess­ment year rel­e­vant to any pre­vi­ous year pri­or to such pre­vi­ous year has not been received and the time for issuance of such notice has not expired.

I fur­ther declare that I am mak­ing this dec­la­ra­tion in my capac­i­ty as……………………………………………….

(des­ig­na­tion)

and that I am com­pe­tent to make this dec­la­ra­tion and ver­i­fy it. …………………………………………………..

(Sig­na­ture)

Place………………….

Date…………………..

* Score out whichev­er is not applicable.

Annex­ure to Form 6

State­ment of undis­closed assets locat­ed out­side India

Descrip­tion of assets declared (Use sep­a­rate sheet in case of mul­ti­ple assets in the same category)

1. Bank account

(a) Name and address of Bank ________________

(b) Coun­try of loca­tion ________________

© Account hold­er name(s) ________________

(d) Account Num­ber ________________

(e) Account open­ing date ________________

(f) Sum of all cred­its in the account ________________

(g) Fair mar­ket Val­ue as per Rule 3 ________________

(Pro­vide sep­a­rate com­pu­ta­tion if dif­fer­ent from (f))

2. Immov­able prop­er­ty (attach val­u­a­tion report)

(a) Nature of prop­er­ty (land/building/flat etc.) ________________

(b) Address of the prop­er­ty ________________

© Coun­try of loca­tion ________________

(d) Name(s) under which held ________________

(e) Date of acqui­si­tion ________________

(f) Total acqui­si­tion cost ________________

(g) Val­ue as esti­mat­ed by the val­uer on val­u­a­tion date ________________

(h) Fair Mar­ket val­ue as per Rule 3 ________________

(Pro­vide sep­a­rate com­pu­ta­tion if dif­fer­ent from (f) or (g))

3. Jew­ellery (attach val­u­a­tion report)

(a) Gold

(I) Puri­ty ________, Weight _________, Val­ue ____________

(II) Puri­ty ________, Weight _________, Val­ue ____________

(b) Dia­mond (1 carat or more)

(I) Carat ________, Cut _______, Colour ______, Clarity_______, Val­ue ________

(II) Carat ________, Cut _______, Colour ______, Clarity_______, Val­ue ________

© Dia­mond (less than 1 carat) and oth­er pre­cious stones Val­ue __________

(d) Oth­er pre­cious met­als Value__________

4. Artis­tic work (attach val­u­a­tion report)

(a) Nature of artis­tic work __________________

(b) Coun­try of loca­tion __________________

© Name(s) under which held ________________

(d) Date of acqui­si­tion __________________

(e) Cost of acqui­si­tion __________________

(f) Val­ue of artis­tic work as esti­mat­ed by the val­uer __________________

(g) Fair Mar­ket val­ue as per Rule 3 ________________

(Pro­vide sep­a­rate com­pu­ta­tion if dif­fer­ent from (e) or (f))

5. Shares and securities

(a) Quot­ed shares and secu­ri­ties [Rule 3(1)©(I)]

(i) Descrip­tion of security/share

(A) Name of issuer __________________

(B) Num­ber of securities/shares __________________

© Type of security/share __________________

(ii) Estab­lished secu­ri­ties mar­ket where quot­ed __________________

(iii) Coun­try where secu­ri­ties mar­ket locat­ed __________________

(iv) Name(s) under which held __________________

(v) Cost of acqui­si­tion __________________

(vi) Date(s) of acqui­si­tion __________________

(vii) Val­ue as deter­mined under Rule 3(1)©(I) __________________

(viii) Date of val­u­a­tion __________________

(ix) Fair Mar­ket val­ue as per Rule 3 __________________

(Pro­vide sep­a­rate com­pu­ta­tion if dif­fer­ent from (v) or (vii))

(b) Unquot­ed equi­ty share [Rule 3(1)©(II)] (attach val­u­a­tion report)

(i) Descrip­tion of share

(A) Name of issuer __________________

(B) Num­ber of shares __________________

© Type of share __________________

(ii) Coun­try of loca­tion __________________

(iii) Name(s) under which held __________________

(iv) Cost of acqui­si­tion __________________

(v) Date(s) of acqui­si­tion __________________

(vi) Val­ue as deter­mined under Rule 3(1)©(II) __________________

(vii) Date of val­u­a­tion __________________

(viii) Fair Mar­ket val­ue as per Rule 3 __________________

(Pro­vide sep­a­rate com­pu­ta­tion if dif­fer­ent from (iv) or (vi))

© Unquot­ed shares and secu­ri­ties oth­er than equi­ty shares in a com­pa­ny [Rule 3(1)©(III)]
(attach val­u­a­tion report)

(i) Descrip­tion of share/security

(A) Name of issuer __________________

(B) Num­ber of securities/shares __________________

© Type of security/share __________________

(ii) Coun­try of loca­tion __________________

(iii) Name(s) under which held __________________

(iv) Cost of acqui­si­tion __________________

(v) Date(s) of acqui­si­tion __________________

(vi) Val­ue as deter­mined under Rule 3(1)©(III) __________________

(vii) Date of val­u­a­tion __________________

(viii) Fair Mar­ket val­ue as per Rule 3 __________________

(Pro­vide sep­a­rate com­pu­ta­tion if dif­fer­ent from (iv) or (vi))

(6) Any oth­er asset

(a) Descrip­tion of asset __________________

(b) Coun­try of loca­tion __________________

© Name(s) under which held __________________

(d) Val­ue as deter­mined under Rule 3(1) __________________

(e) Date of val­u­a­tion __________________

(f) Fair Mar­ket val­ue as per Rule 3 __________________
(Pro­vide sep­a­rate com­pu­ta­tion if dif­fer­ent from (d))

(7) Total fair mar­ket val­ue of all the assets declared __________________

(8) Deduc­tion as per sec­tion 5 of the Act ___________________
(where part of asset acquired from income already assessed under
the Income-tax Act) (to be pro­vid­ed in respect of each asset separately)

(9) Deduc­tion on account of invest­ment made in the asset dur­ing the
pre­vi­ous year rel­e­vant to the assess­ment year for which a notice
u/s 142/143(2)/148/153A/153C of the I.T. Act is issued ___________________

(10) Total fair mar­ket val­ue of all the undis­closed assets declared (7–8‑9) ____________________ (to be tak­en to item 8 of the form)

……………………………………………………..
(Sig­na­ture)

……………………………………………………..
(Name)

Place………………….

Date………………….

NOTES:

1. If the total amount of tax payable is not paid before 31st Decem­ber 2015, the dec­la­ra­tion will be treat­ed as void and shall be deemed nev­er to have been made.

2. If the dec­la­ra­tion is made by mis­rep­re­sen­ta­tion or sup­pres­sion of facts it shall be void and shall be deemed nev­er to have been made.

Form 7

Tax com­pli­ance for undis­closed for­eign asset

[See rule 9(2)]

Acknowl­edge­ment of dec­la­ra­tion of undis­closed for­eign asset under Chap­ter VI of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015

Office of the Prin­ci­pal Commissioner/Commissioner of Income-tax,
…………………………………
…………………………………

This is to acknowl­edge that a dec­la­ra­tion under sec­tion 59 of the Black Mon­ey (Undis­closed For­eign Income and Assets) and Impo­si­tion of Tax Act, 2015 has been accept­ed in respect of the following:

1) Name and address of the declarant: …………………………………………………………..

…………………………………………………………..
…………………………………………………………..

2) Son/Daughter/Wife of ……………………………………………………………

3) PAN ……………………………………………………………

4) Receipt No. and date of fil­ing the Declaration: ………………………………………………………..

5) Details of Dec­la­ra­tion [As per Annex­ure to Form 6 (to be coun­ter­signed by the Prin­ci­pal Com­mis­sion­er or Commissioner)]

Total fair mar­ket val­ue of all the assets declared and accept­ed Rs. ………………………………………………

6) Tax payable on the assets declared & accept­ed Rs. ………………………………………………

7) Penal­ty payable on the assets declared & accept­ed Rs. …………………………………………….…

8) Total Amount payable (6) + (7) Rs. ………………………………………………………

9) Details of tax paid

Date: ……………………

………………………………..
(Prin­ci­pal Commissioner/Commissioner of Income-tax)

NOTE:

No acknowl­edge­ment will be issued unless the total amount of tax and penal­ty payable has been paid.

[F. No. 133/33/2015-TPL]

(Gau­rav Kanaujia)

Direc­tor to the Gov­ern­ment of India