The Central Board of Direct Taxes has issued a notification dated 3rd September, 2015 to provide clarification on tax compliance for undisclosed income on foreign income and assets.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has introduced a tax compliance provisions under Chapter VI of the Act. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 have also been notified. In this regard Circular No. 13/2015 dated 6th July, 2015 has been issued by the Board and clarifications have been provided with respect to 32 queries. Subsequently, this clarification has been provided on the basis of the queries received on the basis of the provisions contained under Chapter VI of the Act.
The notification can be accessed at the link given below.