×

New to site? Create an Account


Login

Lost password? (close)

Already have an account? Login


Signup

(close)

Applicability of Black Money Act to Persons Resident in India

|

June 8, 2021

|

2 mins read

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.

For any queries, please write them in the Comment Section or Talk to our tax expert

Arinjay Jain

Bio of author

Arinjay is a Chartered Accountant with more than 20 years of post-qualification experience. He worked as Director, in the M&A Tax Division at KPMG in India. Presently, he is advising several MNCs in UAE on Economic Substance Regulations and impact of the UAE Corporate Tax Law on their business and clients across globe on International Tax issues . He is a well recognised Trainer of International Tax and UAE Corporate Tax. The areas of service include the following : - Advise and Compliance relating to International Tax Issues; Advise relating to UAE Corporate Tax Issues; Advise and Compliance relating to UAE Economic Substance Regulations; Advise and Compliance relating to Indian Income Tax Issues; Other connected matters from a Regulatory perspective.

LATEST ARTICLES

Section 194M of Income Tax Act

Section 194M of Income Tax Act - TDS from Payment

Tax Deduction at Source (TDS) | TDS Rate FY 2022-23 | Dates

Chapter XVII-B of the Income Tax Act, 1961, (hereinafter referred

Deductions under UAE Corporate Tax Law

Introduction - Deductions under UAE Corporate Tax Law A Taxable

Cabinet Resolution on Tax Residency in the UAE

Cabinet Resolution on Tax Residency in the UAE Introduction The

Leave a Reply

Your email address will not be published. Required fields are marked *

Have query and need a consultation with
tax expert?

Arinjay Jain

M&A | International Tax | Direct Tax

We provide consultation to resolve your queries in the Area of International Tax, Merger, Demerger and Foreign Investment, though call with our Tax Expert Mr. Arinjay Jain for a 15 minutes session.