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

Chapter: I
PRELIMINARY
Section 1	:	Short title, extent and commencement. Clause 1.- of the Bill provides that Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 extends to the wh....
Section 2	:	Definitions. Clause 2. -deals with definitions. The said clause provides definition of the terms used in this Bill and which have not be....
Chapter: II
BASIS OF CHARGE
Section 3	:	Charge of tax. Clause 3. -provides for charge of tax. It provides that every assessee shall be liable to tax in respect of his total undis....
Section 4	:	Scope of total undisclosed foreign income and asset. Clause 4.- deals with the scope of total undisclosed foreign income and asset. It provides that the total undisclosed forei....
Section 5	:	Computation of total undisclosed foreign income and asset. Clause 5.- deals with the computation of total undisclosed foreign income and asset. It, inter alia , provides that in com....
Chapter: III
TAX MANAGEMENT
Section 6	:	Tax Authorities. Clause 6. -provides that the Income-tax authorities specified in section 116 of the Income-tax Act, 1961 (hereafter referre....
Section 7	:	Change of incumbent. Clause 7. -provides that the tax authority who succeeds another authority as a result of change in jurisdiction or for any ....
Section 8	:	Powers regarding discovery and production of evidence. Clause 8. -relating to powers regarding discovery and production of evidence seeks to provide that the prescribed tax autho....
Section 9	:	Proceedings before tax authorities to be judicial proceedings. Clause 9. -provides that any proceeding under this Act before a tax authority shall be deemed to be a judicial proceeding w....
Section 10	:	Assessment. Clause 10.- relating to assessment, inter-alia , provides that for the purposes of making an assessment or reassessment u....
Section 11	:	Time limit for completion of assessment and reassessment. Clause 11. -provides the time limit for completion of assessment and reassessment. It also provides that such time limit sh....
Section 12	:	Rectification of mistake. Clause 12. -relating to rectification of mistake, inter alia , provides that a tax authority may amend any order passed by....
Section 13	:	Notice of demand. Clause 13. -provides that any sum payable in consequence of any order made under this Act shall be demanded by a tax author....
Section 14	:	Direct assessment or recovery not barred. Clause 14.- provides that neither the direct assessment of the person on whose behalf or for whose benefit the undisclosed ....
Section 15	:	Appeals to the Commissioner (Appeals). Clause.-15 relates to appeals before the Commissioner (Appeals) and, inter alia , provides that any person may file an ap....
Section 16	:	Procedure to be followed in appeal. Clause 16.- relates to procedure to be followed in case of an appeal before the Commissioner (Appeals). It, inter alia , p....
Section 17	:	Powers of Commissioner (Appeals). Clause 17.- relates to the powers of the Commissioner (Appeals) and, inter alia , provides that in case of an appeal befor....
Section 18	:	Appeals to Appellate Tribunal. Clause 18.- relates to appeal to the Appellate Tribunal and, inter alia, provides that any assessee aggrieved by an order p....
Section 19	:	Appeal to High Court. Clause 19.- relates to appeal to the High Court and provides that an appeal shall lie to the High Court from every order pa....
Section 20	:	Case before High Court to be heard by not less than two Judges. Clause 20. -provides that an appeal filed before the High Court shall be heard by a Bench of not less than two Judges of th....
Section 21	:	Appeal to Supreme Court. Clause 21.- deals with appeal to the Supreme Court and provides that an appeal shall lie to the Supreme Court from any judg....
Section 22	:	Hearing before Supreme Court. Clause 22. -relates to hearing before the Supreme Court and provides that the provisions of the Code of Civil Procedure, 19....
Section 23	:	Revision of orders prejudicial to revenue. Clause 23.- relates to revision of orders prejudicial to revenue and seeks to, inter alia, provide that the Principal Commi....
Section 24	:	Revision of other orders. Clause 24.- seeks to provide, inter alia, that the Principal Commissioner or the Commissioner may revise any order passed b....
Section 25	:	Tax to be paid pending appeal. Clause 25.- provides that notwithstanding any appeal preferred to the High Court or the Supreme Court, the tax shall be pai....
Section 26	:	Execution of order for costs awarded by Supreme Court. Clause 26. -provides that the High Court may, on petition made for the execution of the order in respect of the costs award....
Section 27	:	Amendment of assessment on appeal. Clause 27. -provides that where as a result of an appeal under clause 15 or clause 18, any change is made in the assessment....
Section 28	:	Exclusion of time taken for obtaining copy. Clause 28. -provides that in computing the period of limitation prescribed for an appeal, the day on which the notice of th....
Section 29	:	Filing of appeal by tax authority. Clause 29. -inter alia, provides that the Board may, from time to time, issue orders, instructions or directions to other t....
Section 30	:	Recovery of tax dues by Assessing Officer. Clause 30. -relating to recovery of tax dues by the Assessing Officer, inter alia, that any amount specified as payable in ....
Section 31	:	Recovery of tax dues by Tax Recovery Officer. Clause 31. -relating to recovery of tax dues by the Tax Recovery Officer seeks to, inter alia, provide that such officer ma....
Section 32	:	Modes of recovery of tax dues. Clause 32. -inter alia, seeks to provide for the modes of recovery of tax dues by the Assessing Officer or the Tax Recovery....
Section 33	:	Tax Recovery Officer by whom recovery of tax dues is to be effected. Clause 33. -relating to the Tax Recovery Officer by whom recovery of tax dues is to be effective, inter alia, provides as t....
Section 34	:	Recovery of tax dues in case of a company in liquidation. Clause 34. -relating to recovery of tax dues in case of a company in liquidation, inter alia, seeks to provide that the liq....
Section 35	:	Liability of manager of a company. Clause 35.- relates to liability of manager of a company and, inter alia, provides that every person being a manager at any....
Section 36	:	Joint and several liability of participants. Clause 36. -relates joint and several liabilities of participants. It, inter alia, seeks to provide that every person, bein....
Section 37	:	Recovery through State Government. Clause 37.- relates to recovery through State Government. It seeks to provide that if the recovery of tax in any area has b....
Section 38	:	Recovery of tax dues in pursuance of agreements with foreign countries or specified territory. Clause 38.- relates to recovery of tax dues in pursuance of agreements with foreign countries or specified territories. It ....
Section 39	:	Recovery by suit or under other law not affected. Clause 39. -relates to recovery by suit or under other law not affected. It, inter alia, seeks to provide that the several ....
Section 40	:	Interest for default in furnishing return and payment or deferment of advance tax. Clause 40.- relates to interest for default in furnishing return and payment or deferment of advance tax. This clause seeks....
Chapter: IV
PENALTIES
Section 41	:	Penalty in relation to undisclosed foreign income and asset. Clause 41. -relates to penalty in relation to undisclosed foreign income and asset. It seeks to provide that the Assessing ....
Section 42	:	Penalty for failure to furnish return in relation to foreign income and asset. Clause 42. -relates to penalty for failure to furnish return in relation to foreign income and asset. It seeks to provide t....
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. Clause 43. -relates to penalty for failure to furnish in return of income, an information or furnish inaccurate particulars....
Section 44	:	Penalty for default in payment of tax arrear. Clause 44.- relates to penalty for default in payment of tax arrear. This clause seeks to provide that every person who is ....
Section 45	:	Penalty for other defaults. Clause 45.- relates to penalty for other defaults. This clause seeks to, inter alia, provide that a person shall be liable ....
Section 46	:	Procedure. Clause 46.- deals with procedure for imposition of penalties. It, inter alia, provides that the specified tax authority sha....
Section 47	:	Bar of limitation for imposing penalty. Clause 47.- relates to bar of limitation for imposing penalty. It, inter alia, provides for the time limit for passing the ....
Chapter: V
OFFENCES AND PROSECUTIONS
Section 48	:	Chapter not in derogation of any other law or any other provision of this Act. Clause 48.- provides that Chapter IV shall be in addition to and not in derogation of any other law providing for prosecuti....
Section 49	:	Punishment for failure to furnish return in relation to foreign income and asset. Clause 49.- relates to punishment for failure to furnish returns in relation to foreign income and asset. This clause seeks....
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. Clause 50.- relates to punishment for failure to furnish in return of income, any information about an asset (including fin....
Section 51	:	Punishment for wilful attempt to evade tax. Clause 51.- relates to punishment for wilful attempt to evade tax. This clause seeks to provide that if a person, being a r....
Section 52	:	Punishment for false statement in verification. Clause 52.- relates to punishment for false statement in verification. This clause seeks to provide that if a person, makes....
Section 53	:	Punishment for abetment. Clause 53.- relates to punishment for abetment. This clause seeks to provide that if a person abets or induces in any manne....
Section 54	:	Presumption as to culpable mental state. Clause 54. -relates to presumption as to culpable mental state. This clause seeks to provide that in any prosecution for an....
Section 55	:	Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner. Clause 55.- provides for prosecution to be at the instance of the Principal Chief Commissioner or the Chief Commissioner or....
Section 56	:	Offences by companies. Clause 56.- relates to offences by companies. In respect of any such offence, this clause seeks to provide that the company....
Section 57	:	Proof of entries in records or documents. Clause 57.- relates to proof of entries in records or documents. This clause seeks to provide that the entries in the recor....
Section 58	:	Punishment for second and subsequent offences. Clause 58. -relates to punishment for second and subsequent offences. This clause seeks to provide that if any person convi....
Chapter: VI
TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS
Section 59	:	Declaration of undisclosed foreign asset. Clause 59.- provides for declaration of undisclosed foreign asset. This clause seeks to provide that any person may, on or ....
Section 60	:	Charge of tax. Clause 60.- relates to charge of tax. This clause seeks to provide that notwithstanding anything contained in the Income-ta....
Section 61	:	Penalty. Clause 61.- relates to penalty. This clause seeks to provide that notwithstanding anything contained in the Income-tax Act ....
Section 62	:	Manner of declaration. Clause 62. -relates to manner of declaration. This clause seeks to provide that a declaration under clause 59 shall be made....
Section 63	:	Time for payment of tax. Clause 63.- relates to time for payment of tax. It seeks to provide that the tax payable under clause 60 and penalty payabl....
Section 64	:	Undisclosed foreign asset declared not to be included in total income. Clause 64.- provides that the amount of undisclosed investment in an asset located outside India declared in accordance wit....
Section 65	:	Undisclosed foreign asset declared not to affect finality of completed assessments. Clause 65. -provides that the declarant shall not be entitled, in respect of undisclosed asset located outside India declar....
Section 66	:	Tax in respect of voluntarily disclosed asset not refundable. Clause 66. -provides that any amount of tax paid under clause 60 or penalty paid under clause 61 in pursuance of a declarat....
Section 67	:	Declaration not admissible in evidence against declarant. Clause 67.- relates to declaration not admissible in evidence against declarant. The said clause seeks to provide that noth....
Section 68	:	Declaration by misrepresentation of facts to be void Clause 68.- relates to declaration by misrepresentation of facts to be void. The said clause seeks to provide that where a ....
Section 69	:	Exemption from wealth-tax in respect of assets specified in declaration Clause 69.- relates to exemption from wealth-tax in respect of assets specified in the declaration. The said clause, inter ....
Section 70	:	Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act. Clause 70. -relates to applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act. The said c....
Section 71	:	Chapter not to apply to certain persons. Clause 71.-inter alia, provides that the Chapter VI relating to tax compliance for undisclosed foreign income and assets s....
Section 72	:	Removal of doubts. Clause 72.- relates to removal of doubts. The said clause seeks to clarify that- (a) except as provided in the Explanati....
Chapter: VII
GENERAL PROVISIONS
-	:	STATEMENT OF OBJECTS AND REASONS
Section 73	:	Agreement with foreign countries or specified territories. Clause 73.- relates to agreement with foreign countries or specified territories. The said clause, inter alia, seeks to pro....
Section 74	:	Service of notice generally. Clause 74. -relates to service of notice generally. The said clause seeks to provide for the manner of service of any notic....
Section 75	:	Authentication of notices and other documents. Clause 75. -relates to authentication of notices and other documents. The said clause seeks to provide the manner of authen....
Section 76	:	Notice deemed to be valid in certain circumstances. Clause 76. -relates to notice deemed to be valid in certain circumstances. The said clause seeks to provide that a notice w....
Section 77	:	Appearance by approved valuer in certain matters. Clause 77. -relates to appearance by approved valuer in certain matters. The said clause seeks to provide that any assessee....
Section 78	:	Appearance by authorised representative. Clause 78. -relates to appearance by authorised representative. The said clause, inter alia, seeks to provide that any asse....
Section 79	:	Rounding off of income, value of asset and tax. Clause 79. -relates to rounding off of income, value of asset and tax. The said clause seeks to provide that the amount of ....
Section 80	:	Congnizance of offences. Clause 80.- relates to congnizance of offences. The said clause seeks to provide that no court inferior to that of a metrop....
Section 81	:	Assessment not to be invalid on certain grounds. Clause 81. -relates to assessment not to be invalid on certain grounds. The said clause seeks to provide that no assessment....
Section 82	:	Bar of suits in civil courts. Clause 82. -relates to bar of suits in civil courts. The said clause seeks to provide that no suit shall be brought in any ....
Section 83	:	Income-tax papers to be available for purposes of this Act. Clause 83. -relates to Income-tax papers to be available for purposes of this Act. The said clause seeks to provide that no....
Section 84	:	Application of provisions of Income-tax Act. Clause 84.- relates to application of provisions of the Income-tax Act. The said clause seeks to specify certain sections o....
Section 85	:	Power to make rules. Clause 85.- relates to power to make rules. The said clause seeks to empower the Board to make rules for carrying out the p....
Section 86	:	Power to remove difficulties. Clause 86. -relates to power to remove difficulties. The said clause seeks to provide that if any difficulty arises in givi....
Section 87	:	Amendment of section 2 of Act 54 of 1963. Clause 87.- relates to amendment of section 2 of Act 54 of 1963. The said clause seeks to amend of clause 1 of clause (c) o....
Section 88	:	Amendment of Act of 15 of 2003. Clause 88.- relates to amendment of Act 15 of 2003. The said clause seeks to include wilful attempt to evade tax in relatio....