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

Definitions.

2. In this Act, unless the context otherwise requires,—

   (1) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act;

²[(2) "assessee" means a person,—

 (a) being a resident in India within the meaning of section 6 of the Income-tax Act, 1961 (43 of 1961) in the previous year; or

 (b) being a non-resident or not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, 1961 in the previous year, who was resident in India either in the previous year to which the income referred to in section 4 relates; or in the previous year in which the undisclosed asset located outside India was acquired:

Provided that the previous year, in case of acquisition of undisclosed asset outside India, shall be determined without giving effect to the provisions of clause (c) of section 72.]

(3) "assessment" includes reassessment;

(4) "assessment year" means the period of twelve months commencing on the 1st day of April every year;

(5) "Board" means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963);

(6) "Income-tax Act" means the Income-tax Act, 1961 (43 of 1961);

(7) "participant" means—

 (a) a partner in relation to a firm; or

 (b) a member in relation to an association of persons or body of individuals;

(8) "prescribed" means prescribed by rules made under this Act;

(9) "previous year" means—

 (a) the period beginning with the date of setting up of a business and ending with the date of the closure of the business or the 31st day of March following the date of setting up of such busines .... To read the full section download the app from Google Play store