THE BLACK MONEY (UNDISCLOSED FOREIGN INCOMEAND ASSETS) AND IMPOSITION OF TAX ACT, 2015

ACT NO. 22 OF 2015 · Enacted [26th May, 2015.] · 88 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

BASIS OF CHARGE

Section 3.Charge of tax.

Section 4.Scope of total undisclosed foreign income and asset.

Section 5.Computation of total undisclosed foreign income and asset.

TAX MANAGEMENT

Section 6.Tax authorities.

Section 7.Change of incumbent.

Section 8.Powers regarding discovery and production of evidence.

Section 9.Proceedings before tax authorities to be judicial proceedings.

Section 10.Assessment.

Section 11.Time limit for completion of assessment and reassessment.

Section 12.Rectification of mistake.

Section 13.Notice of demand.

Section 14.Direct assessment or recovery not barred.

Section 15.Appeals to the Commissioner (Appeals).

Section 16.Procedure to be followed in appeal.

Section 17.Powers of Commissioner (Appeals).

Section 18.Appeals to Appellate Tribunal.

Section 19.Appeal to High Court.

Section 20.Case before High Court to be heard by not less than two Judges.

Section 21.Appeal to Supreme Court.

Section 22.Hearing before Supreme Court.

Section 23.Revision of orders prejudicial to revenue.

Section 24.Revision of other orders.

Section 25.Tax to be paid pending appeal.

Section 26.Execution of order for costs awarded by Supreme Court.

Section 27.Amendment of assessment on appeal.

Section 28.Exclusion of time taken for obtaining copy.

Section 29.Filing of appeal by tax authority.

Section 30.Recovery of tax dues by Assessing Officer.

Section 31.Recovery of tax dues by Tax Recovery Officer.

Section 32.Modes of recovery of tax dues.

Section 33.Tax Recovery Officer by whom recovery of tax dues is to be effected.

Section 34.Recovery of tax dues in case of a company in liquidation.

Section 35.Liability of manager of a company.

Section 36.Joint and several liability of participants.

Section 37.Recovery through State Government.

Section 38.Recovery of tax dues in pursuance of agreements with foreign countries or specified territory.

Section 39.Recovery by suit or under other law not affected.

Section 40.Interest for default in furnishing return and payment or deferment of advance tax.

PENALTIES

Section 41.Penalty in relation to undisclosed foreign income and asset.

Section 42.Penalty for failure to furnish return in relation to foreign income and asset.

Section 43.Penalty 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.

Section 44.Penalty for default in payment of tax arrear.

Section 45.Penalty for other defaults.

Section 46.Procedure.

Section 47.Bar of limitation for imposing penalty.

OFFENCES AND PROSECUTIONS

Section 48.Chapter not in derogation of any other law or any other provision of this Act.

Section 49.Punishment for failure to furnish return in relation to foreign income and asset.

Section 50.Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India.

Section 51.Punishment for wilful attempt to evade tax.

Section 52.Punishment for false statement in verification.

Section 53.Punishment for abetment.

Section 54.Presumption as to culpable mental state.

Section 55.Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner.

Section 56.Offences by companies.

Section 57.Proof of entries in records of documents.

Section 58.Punishment for second and subsequent offences.

TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS

Section 59.Declaration of undisclosed foreign asset.

Section 60.Charge of tax.

Section 61.Penalty.

Section 62.Manner of declaration.

Section 63.Time for payment of tax.

Section 64.Undisclosed foreign asset declared not to be included in total income.

Section 65.Undisclosed foreign asset declared not to affect finality of completed assessments.

Section 66.Tax in respect of voluntarily disclosed asset not refundable.

Section 67.Declaration not admissible in evidence against declarant.

Section 68.Declaration by misrepresentation of facts to be void.

Section 69.Exemption from wealth-tax in respect of assets specified in declaration.

Section 70.Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act.

Section 71.Chapter not to apply to certain persons.

Section 72.Removal of doubts.

GENERAL PROVISIONS

Section 73.Agreement with foreign countries or specified territories.

Section 74.Service of notice generally.

Section 75.Authentication of notices and other documents.

Section 76.Notice deemed to be valid in certain circumstances.

Section 77.Appearance by approved valuer in certain matters.

Section 78.Appearance by authorised representative.

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

Section 80.Cognizance of offences.

Section 81.Assessment not to be invalid on certain grounds.

Section 82.Bar of suits in civil courts.

Section 83.Income-tax papers to be available for purposes of this Act.

Section 84.Application of provisions of Income-tax Act.

Section 85.Power to make rules.

Section 86.Power to remove difficulties.

Section 87.Amendment of section 2 of Act 54 of 1963.

Section 88.Amendment of Act of 15 of 2003.