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

Notified rules are:

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.

Authority in certain cases.

Rounding off on income, value of assets and tax.


These rules may be called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 and They shall come into force on the date of their publication in the Official Gazette


Defines various terms like: Act, Chapter, Form, Income-tax Act and Section.


Lays down the manner of determine the fair market value of various assets like:

i. bullion, jewellery or precious stone

ii. archaeological collections, drawings, paintings, sculptures or any work of art

iii. shares and securities (Quoted)

iv. shares and securities (Unquoted)

v. immovable property

vi. an account with a bank

vii. interest of a person in a partnership firm or an AOP

viii. net asset of the firm, AOP, LLP

ix. any other asset


Tax authorities:

i. Assessing Officer

ii. Joint Commissioner

iii. Commissioner (Appeals)

iv. Commissioner or Principal Commissioner

v. 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)

i. Against the order of Assessing officer

ii. In form number 2.

iii. Sign by person authorised to sign the return of income under section 140 of the Income-tax Act

iv. Appeal form shall accompanied by a fee of ten thousand rupees

v. 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.

i. In form no: 3.

ii. Attach memorandum of cross-objections and the grounds of cross objections

iii. fee of twenty five thousand rupees

Rule-8: Form of tax arrears

i. shall be drawn up by the Tax Recovery Officer

ii. in form 5.

Rule-9: Declaration of undisclosed asset located outside India

i. Declaration on form 6.

ii. Acknowledgement within 15 days by Principal Commissioner or the Commissioner

iii. 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)

i. Principal Chief Commissioner or Chief Commissioner

ii. 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



Published by

CA Pradeep Kumar Rajput
Category Income Tax   Report

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