Section 79

Rounding off of income, value of asset and tax. Repealed

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Act 22 of 2015
Ministry of Finance
Department of Revenue

About this Act

An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.

All sections

    (1) The amount of undisclosed foreign income and asset computed in accordance with this Act shall be rounded off to the nearest multiple of one hundred rupees.
     (2) Any amount payable or receivable by the assessee under this Act shall be rounded off to the nearest multiple of ten rupees.
     (3) The method of rounding off under sub-section (1) or sub-section (2), shall be such as may be prescribed.