Applicability of Black Money Act to Persons Resident in India
The provisions of the Black Money Act may be applicable to the following : –
- Individuals / HUF , who are resident and ordinarily resident in India , if they are holding any undisclosed foreign asset outside India or have earned any undisclosed foreign income.
- Firm and AOP, who are resident in India, if they are holding any undisclosed foreign asset or earning any undisclosed foreign income. Firm and AOP are said to be resident in India if the control and management of their affairs, are wholly or partly situated in India. [For detailed discussion residential status of Firm / AOP, refer chapter <<>>>> of non-resident taxation].
- Indian company, which is holding any undisclosed foreign asset or earning any undisclosed foreign income ; or
- Foreign company whose POEM is in India and which is holding any undisclosed foreign asset or earning any undisclosed foreign income.
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