The provisions of Black Money Act shall be applicable only when the person, who has undisclosed foreign income or undisclosed foreign asset is covered within the definition of assessee.
The term “assesse” means a person, who is a resident and ordinarily resident in India, within the meaning of Section 6(6) of the Income-Tax Act, who has to pay income-tax, penalty, interest, etc., in respect of undisclosed foreign income or undisclosed foreign assets.
Thus, following person have been excluded from the purview of definition of assesse : –
- Non-residents,
- Resident but not ordinarily resident,
Point to Consider
Every person who is deemed to be an assessee – in – default under the Black Money Act , is also included in the definition of assessee (Refer Paragraph <<>> ).
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