1. Short title, extent and commencement.—(1) This Act may be called the Black Money
(Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
(2) It extends to the whole of India.
(3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 2016.
2. Definitions.— 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) ―assessee‖ means a person, being a resident other than not ordinarily resident in India within
the meaning of clause (6) of section 6 of the Income-tax Act, by whom tax in respect of undisclosed
foreign income and assets, or any other sum of money, is payable under this Act and includes every
person who is deemed to be an assessee in default under this Act;
(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
business, whichever is earlier;
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(b) the period beginning with the date on which a new source of income comes into existence
and ending with the date of closure of the business or the 31st day of March following the date on
which such new source comes into existence, whichever is earlier;
(c) the period beginning with the 1st day of the financial year and ending with the date of
discontinuance of the business other than business referred to in clause (b) or dissolution of an
unincorporated body or liquidation of a company, as the case may be; or
(d) the period of twelve months commencing on the 1st day of April of the relevant year in
any other case,
and which immediately precedes the assessment year.
(10) ―resident‖ means a person who is resident in India within the meaning of section 6 of the
Income-tax Act;
(11) ―undisclosed asset located outside India‖ means an asset (including financial interest in any
entity) located outside India, held by the assessee in his name or in respect of which he is a beneficial
owner, and he has no explanation about the source of investment in such asset or the explanation
given by him is in the opinion of the Assessing Officer unsatisfactory;
(12) ―undisclosed foreign income and asset‖ means the total amount of undisclosed income of an
assessee from a source located outside India and the value of an undisclosed asset located outside
India, referred to in section 4, and computed in the manner laid down in section 5;
(13) ―unincorporated body‖ means—
(a) a firm;
(b) an association of persons; or
(c) a body of individuals;
(14) ―value of an undisclosed asset‖ shall have the meaning assigned to it in sub-section (2) of
section 3;
(15) all other words and expressions used herein but not defined and defined in the Income-tax
Act shall have the meanings respectively assigned to them in that Act.