All undisclosed fgn a/c deposits taxable under black money law

All deposits made in an undisclosed overseas bank account since opening will be clubbed while assets like immovable property, shares and jewellery will be valued at fair market price for levy of tax and penalty under the new black money law.
All overseas income and assets, including the ones voluntarily declared within the 90-day compliance window ending September 30, will be valued in rupee terms, Central Board of Direct Taxes (CBDT) said while announcing rules for the new law that has come into force with effect from July 1.
"Value of an account with a bank shall be the sum of all the deposits made in the account with the bank since the date of opening of the account," the rules said.

As per the rules notified today, the fair market value of assets like bullion, jewellery or precious stone, immovable property, drawings, paintings, archaeological collections, and sculptures or work of art, will be "its cost of acquisition" or the price that the asset "shall ordinarily fetch if sold in the open market on the valuation date", whichever is higher.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, provides for a tax and penalty of 60 per cent if the foreign assets are disclosed within the compliance window and tax is paid by December 31.
After the expiry of window, such persons have to pay tax and penalty of 120 per cent on the undisclosed income or assets held abroad.

A statement issued by the Finance Ministry said that the Commissioner of Income Tax will inform the declarant within October 10 whether the competent authority has any prior information with regard to the assets declared.
"The declarant may revise his declaration within 15 days of receipt of the intimation from the Commissioner of Income Tax," it added.
As per the rules, for shares and securities, the fair market value will be the higher of the cost of acquisition or average of the lowest and highest price on the date of valuation.