The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act’) has introduced a tax compliance provision under Chapter-VI of the Act. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) were notified vide Notification no. G.S.R. 529 (E) dated 2nd July, 2015.
The Central Board of Direct Taxes (CBDT) had issued Circular no. 13 of 2015 dated 6th July, 2015 clarifying 32 queries regarding compliance provision. Subsequently, further queries had been received from the public about the tax compliance provision under Chapter-VI of the ‘Black Money Act’. The Board has considered the questions raised and issued Circular no.15 of 2015 dated 3rd September, 2015 clarifying a further set of 27 queries.
Circular can be downloaded from here.