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Case law › BMA Rule 3

BMA Rule 3

What rule 3 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 does, and where it sits. This library holds no authority that turns on it.

No authority in this library turns on BMA Rule 3. That is a statement about this library and not about the law: it means no judgment, circular or instruction held here decides a point under it. What the provision does is explained below. If you are looking for a decision on it, say so through the search box — a provision people search for and we hold nothing on is the most useful thing we can be told.

Explained in this library

What bma rule 3 does, in plain English, before you read what the courts made of it.

Valuing the foreign asset for the Rs 20 lakh threshold, and the date nobody fixes

The whole threshold argument turns on what the foreign assets are worth. Which date, which rate of exchange, and are the securities taken at market value?