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22/2015 - The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ▶

Act Number: 22

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

Year: 2015

Enactment Date: 2015-05-26

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Revenue

Section 79: Rounding off of income, value of asset and tax.

    (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.

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