SalientfeaturesofrulesnotifiedbytheCentralBoardOfDirectTaxationforcalculating

overseasincomeandassetsundertheBlackMoney(UndisclosedForeignIncomeand
Assets)andImpositionofTaxAct,2015:

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Valueoftheoverseasassets,includingimmovableproperty,jewelleryandprecious
stones,archaeologicalcollectionsandpaintings,sharesandsecuritiesandsharesin
unlistedfirmsabroadwillbecalculatedatthefairmarketvalue.
Valueofanoverseasbankaccountwillbethesumofalldepositsmadeintheaccount
sinceitsopening.
Atotaloftaxandpenaltyof120percentwillbeleviedontheincomeorassetsheld
abroadaftertheexpiryofaonetime90daycompliancewindowthatexpireson
September30,2015.
Anyincomeorassetdeclaredduringthecompliancewindowwouldattractatotalof
60percenttaxandpenalty,withoutpenalprovisionslikejailterm.Theywillhavetime
tillDecember31topaythelevies.
Fairmarketvalueofanimmovablepropertywillbehigherfromtheacquisitioncostor
thepricethatthepropertyshallfetchinopenmarketonthedateofvaluation.

Sameprinciplewouldalsobeapplicableforvaluingbullion,jewelleryorpreciousstone
aswellasarchaeologicalcollections,drawings,paintingsandsculpturesorworkofart.
Forvaluingsharesandsecuritiesoflistedentities,thefairmarketvaluewillbethe
higherofthecostofacquisitionoraverageofthelowestandhighestpriceonthedateof
valuation.
Sevenformsincludingthosewhichhavetobefilledbypersonswhiledeclaringthe
undisclosedassetsoutsidethecountryhavebeenprescribedalongwithformatof
noticestobesendtothepersonsholdingundisclosedassets.Alsotheformatforappeals
toCommissioner(Appeals)andAppellateTribunalhavebeenprovided.
Holdersofassetswillhavetodisclosedetailsofthelocationofbankaccounts,dateof
openingandsumofallcreditsintheprescribedformat.Holderswillhavetomake
disclosureswithregardtoimmovableproperty,artisticworks,securitiesheldorany
otherassetsalongwiththeirfairmarketvalue.Withregardtojewellery,disclosures
havetobemadeaboutthepurity,quantumandvalueofgold,diamondandother
preciousmetals.
RBIreferencerateonthedateofvaluationshouldbeusedforconvertingthevalueof
foreignassetsandincomeintoIndianrupee.