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Bar News Acts League

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

Act ID: 2015

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

"An Act to make provisions to deal with the problem of the black money that is undisclosed foreign income and assets."

Table of Contents

88 Sections

Ch. IP

reliminary

S.1Short title, extent and commencement S.2Definitions

Ch. IIB

asis of charge

S.3Charge of tax S.4Scope of total undisclosed foreign income and asset S.5Computation of total undisclosed foreign income and asset

Ch. IIIT

ax management

S.6Tax authorities S.7Change of incumbent S.8Powers regarding discovery and production of evidence S.9Proceedings before tax authorities to be judicial proceedings S.10Assessment S.11Time limit for completion of assessment and reassessment S.12Rectification of mistake S.13Notice of demand S.14Direct assessment or recovery not barred S.15Appeals to the Commissioner (Appeals)S.16Procedure to be followed in appeal S.17Powers of Commissioner (Appeals)S.18Appeals to Appellate Tribunal S.19Appeal to High Court S.20Case before High Court to be heard by not less than two Judges S.21Appeal to Supreme Court S.22Hearing before Supreme Court S.23Revision of orders prejudicial to revenue S.24Revision of other orders S.25Tax to be paid pending appeal S.26Execution of order for costs awarded by Supreme Court S.27Amendment of assessment on appeal S.28Exclusion of time taken for obtaining copy S.29Filing of appeal by tax authority S.30Recovery of tax dues by Assessing Officer S.31Recovery of tax dues by Tax Recovery Officer S.32Modes of recovery of tax dues S.33Tax Recovery Officer by whom recovery of tax dues is to be effected S.34Recovery of tax dues in case of a company in liquidation S.35Liability of manager of a company S.36Joint and several liability of participants S.37Recovery through State Government S.38Recovery of tax dues in pursuance of agreements with foreign countries or specified territory S.39Recovery by suit or under other law not affected S.40Interest for default in furnishing return and payment or deferment of advance tax

Ch. IVP

enalties

S.41Penalty in relation to undisclosed foreign income and asset S.42Penalty for failure to furnish return in relation to foreign income and asset S.43Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India S.44Penalty for default in payment of tax arrear S.45Penalty for other defaults S.46Procedure S.47Bar of limitation for imposing penalty

Ch. VO

ffences and prosecutions

S.48Chapter not in derogation of any other law or any other provision of this Act S.49Punishment for failure to furnish return in relation to foreign income and asset S.50Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India S.51Punishment for wilful attempt to evade tax S.52Punishment for false statement in verification S.53Punishment for abetment S.54Presumption as to culpable mental state S.55Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner S.56Offences by companies S.57Proof of entries in records or documents S.58Punishment for second and subsequent offences

Ch. VIT

ax compliance for undisclosed foreign income and assets

S.59Declaration of undisclosed foreign asset S.60Charge of tax S.61Penalty S.62Manner of declaration S.63Time for payment of tax S.64Undisclosed foreign asset declared not to be included in total income S.65Undisclosed foreign asset declared not to affect finality of completed assessments S.66Tax in respect of voluntarily disclosed asset not refundable S.67Declaration not admissible in evidence against declarant S.68Declaration by misrepresentation of facts to be void S.69Exemption from wealth-tax in respect of assets specified in declaration S.70Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act S.71Chapter not to apply to certain persons S.72Removal of doubts

Ch. VIIG

eneral provisions

S.73Agreement with foreign countries or specified territories S.74Service of notice generally S.75Authentication of notices and other documents S.76Notice deemed to be valid in certain circumstances S.77Appearance by approved valuer in certain matters S.78Appearance by authorised representative S.79Rounding off of income, value of asset and tax S.80Congnizance of offences S.81Assessment not to be invalid on certain grounds S.82Bar of suits in civil courts S.83Income-tax papers to be available for purposes of this Act S.84Application of provisions of Income-tax Act S.85Power to make rules S.86Power to remove difficulties S.87Amendment of section 2 of Act 54 of 1963 S.88Amendment of Act of 15 of 2003