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Definition of Assessee – Section 2(2)

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June 8, 2021

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1 mins read

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 <<>> ).

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.

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