AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

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

Contents

Sections

Particulars

 

Preamble

Chapter I

Preliminary

1

Short title, extent and commencement

2

Definitions

Chapter II

Basis of Charge

3

Charge of tax

4

Scope of total undisclosed foreign income and asset

5

Computation of total undisclosed foreign income and asset

Chapter III

Tax Management

6

Tax Authorities

7

Change of incumbent

8

Powers regarding discovery and production of evidence

9

Proceedings before tax authorities to be judicial proceedings

10

Assessment

11

Time limit for completion of assessment and reassessment

12

Rectification of mistake

13

Notice of demand

14

Direct assessment or recovery not barred

15

Appeals to the Commissioner (Appeals)

16

Procedure to be followed in appeal

17

Powers of Commissioner (Appeals)

18

Appeals to Appellate Tribunal

19

Appeal to High Court

20

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

21

Appeal to Supreme Court

22

Hearing before Supreme Court

23

Revision of orders prejudicial to revenue

24

Revision of other orders

25

Tax to be paid pending appeal

26

Execution of order for costs awarded by Supreme Court

27

Amendment of assessment on appeal

28

Exclusion of time taken for obtaining copy

29

Filing of appeal by tax authority

30

Recovery of tax dues by Assessing Officer

31

Recovery of tax dues by Tax Recovery Officer

32

Modes of recovery of tax dues

33

Tax Recovery Officer by whom recovery of tax dues is to be affected

34

Recovery of tax dues in case of a company in liquidation

35

Liability of manager of a company

36

Joint and several liability of participants

37

Recovery through State Government

38

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

39

Recovery by suit or under other law not affected

40

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

Chapter IV

Penalties

41

Penalty in relation to undisclosed foreign income and asset

42

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

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

44

Penalty for default in payment of tax arrears

45

Penalty for other defaults

46

Procedure

47

Bar of limitation for imposing penalty

Chapter V

Offences and Prosecutions

48

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

49

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

50

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

51

Punishment for willful attempt to evade tax

52

Punishment for false statement in verification

53

Punishment for abetment

54

Presumption as to culpable mental state

55

Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner

56

Offences by companies

57

Proof of entries in records or documents

58

Punishment for second and subsequent offences

Chapter VI

Tax Compliance for Undisclosed Foreign Income and Assets

59

Declaration of undisclosed foreign asset

60

Charge of tax

61

Penalty

62

Manner of declaration

63

Time for payment of tax

64

Undisclosed foreign asset declared not to be included in total income

65

Undisclosed foreign asset declared not to affect finality of completed assessments

66

Tax in respect of voluntarily disclosed asset not refundable

67

Declaration not admissible in evidence against declarant

68

Declaration by misrepresentation of facts to be void

69

Exemption from wealth-tax in respect of assets specified in declaration

70

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

71

Chapter not to apply to certain persons

72

Removal of doubts

Chapter VII

General Provisions

73

Agreement with foreign countries or specified territories

74

Service of notice generally

75

Authentication of notices and other documents

76

Notice deemed to be valid in certain circumstances

77

Appearance by approved valuer in certain matters

78

Appearance by authorized representative

79

Rounding off of income, value of asset and tax

80

Congnizance of offences

81

Assessment not to be invalid on certain grounds

82

Bar of suits in civil courts

83

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

84

Application of provisions of Income - tax Actd

85

Power to make rules

86

Power to remove difficulties

87

Amendment of section 2 of Act 54 of 1963

88

Amendment of Act of 15 of 2003



Bare Acts Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered by nubia  |  driven by neosys