| Contents |
| Title |
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 |
| Sections |
Particulars |
| 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 effected |
| 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 arrear |
| 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 wilful 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 Principal Director General or Chief Commissioner or Director General or Principal Commissioner or Commissioner |
| 56. |
Offences by companies |
| 57. |
Proof of entries in records of 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 authorised 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 Act |
| 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 |
