| Chapter: I |
| PRELIMINARY |
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Section 1 |
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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 whole....
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Section 2 |
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Definitions.
Clause 2.-deals with definitions. The said clause provides definition of the terms used in this Bill and which have not been ....
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| Chapter: II |
| BASIS OF CHARGE |
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Section 3 |
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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 undisclo....
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Section 4 |
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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 foreign ....
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Section 5 |
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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 computing....
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| Chapter: III |
| TAX MANAGEMENT |
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Section 6 |
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Tax Authorities.
Clause 6.-provides that the Income-tax authorities specified in section 116 of the Income-tax Act, 1961 (hereafter referred t....
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Section 7 |
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Change of incumbent.
Clause 7.-provides that the tax authority who succeeds another authority as a result of change in jurisdiction or for any oth....
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Section 8 |
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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 authorit....
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Section 9 |
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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 with....
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Section 10 |
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Assessment.
Clause 10.-relating to assessment,inter-alia, provides that for the purposes of making an assessment or reassessment under th....
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Section 11 |
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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 shall....
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Section 12 |
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Rectification of mistake.
Clause 12.-relating to rectification of mistake,inter alia, provides that a tax authority may amend any order passed by it so....
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Section 13 |
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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 authority....
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Section 14 |
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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 inc....
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Section 15 |
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Appeals to the Commissioner (Appeals).
Clause.-15relates to appeals before the Commissioner (Appeals) and,inter alia, provides that any person may file an appeal to....
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Section 16 |
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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, provide....
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Section 17 |
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Powers of Commissioner (Appeals).
Clause 17.-relates to the powers of the Commissioner (Appeals) and,inter alia, provides that in case of an appeal before him,....
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Section 18 |
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Appeals to Appellate Tribunal.
Clause 18.-relates to appeal to the Appellate Tribunal and, inter alia, provides that any assessee aggrieved by an order pass....
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Section 19 |
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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 passe....
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Section 20 |
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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 the H....
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Section 21 |
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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 judgmen....
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Section 22 |
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Hearing before Supreme Court.
Clause 22.-relates to hearing before the Supreme Court and provides that the provisions of the Code of Civil Procedure, 1908,....
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Section 23 |
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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 Commissi....
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Section 24 |
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Revision of other orders.
Clause 24.-seeks to provide, inter alia, that the Principal Commissioner or the Commissioner may revise any order passed by a....
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Section 25 |
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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 paid i....
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Section 26 |
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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 awarded ....
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Section 27 |
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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 of....
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Section 28 |
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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 the o....
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Section 29 |
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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 tax ....
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Section 30 |
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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 a n....
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Section 31 |
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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 may d....
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Section 32 |
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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 Of....
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Section 33 |
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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 to w....
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Section 34 |
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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 liquid....
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Section 35 |
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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 ti....
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Section 36 |
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Joint and several liability of participants.
Clause 36.-relates joint and several liabilities of participants. It, inter alia, seeks to provide that every person, being a....
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Section 37 |
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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 been....
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Section 38 |
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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 see....
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Section 39 |
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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 mod....
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Section 40 |
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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 to....
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| Chapter: IV |
| PENALTIES |
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Section 41 |
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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 Off....
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Section 42 |
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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 that....
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Section 43 |
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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 ab....
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Section 44 |
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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 an ....
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Section 45 |
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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 to ....
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Section 46 |
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Procedure.
Clause 46.-deals with procedure for imposition of penalties. It, inter alia, provides that the specified tax authority shall ....
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Section 47 |
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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 pen....
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| Chapter: V |
| OFFENCES AND PROSECUTIONS |
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Section 48 |
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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 prosecution ....
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Section 49 |
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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 to....
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Section 50 |
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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 financ....
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Section 51 |
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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 resi....
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Section 52 |
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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 a ....
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Section 53 |
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Punishment for abetment.
Clause 53.-relates to punishment for abetment. This clause seeks to provide that if a person abets or induces in any manner a....
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Section 54 |
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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 any o....
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Section 55 |
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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 th....
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Section 56 |
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Offences by companies.
Clause 56.-relates to offences by companies. In respect of any such offence, this clause seeks to provide that the company as....
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Section 57 |
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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 records,....
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Section 58 |
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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 convicte....
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| Chapter: VI |
| TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS |
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Section 59 |
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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 aft....
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Section 60 |
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Charge of tax.
Clause 60.-relates to charge of tax. This clause seeks to provide that notwithstanding anything contained in the Income-tax A....
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Section 61 |
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Penalty.
Clause 61.-relates to penalty. This clause seeks to provide that notwithstanding anything contained in the Income-tax Act or ....
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Section 62 |
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Manner of declaration.
Clause 62.-relates to manner of declaration. This clause seeks to provide that a declaration under clause 59 shall be made to....
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Section 63 |
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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 payable u....
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Section 64 |
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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 with c....
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Section 65 |
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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 declared ....
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Section 66 |
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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 declaration....
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Section 67 |
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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 nothing....
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Section 68 |
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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 dec....
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Section 69 |
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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 ali....
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Section 70 |
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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 clau....
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Section 71 |
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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 shall....
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Section 72 |
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Removal of doubts.
Clause 72.-relates to removal of doubts. The said clause seeks to clarify that- (a) except as provided in the Explanation ....
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| Chapter: VII |
| GENERAL PROVISIONS |
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STATEMENT OF OBJECTS AND REASONS
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Section 73 |
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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 provid....
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Section 74 |
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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 notice, ....
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Section 75 |
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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 authentic....
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Section 76 |
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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 woul....
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Section 77 |
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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 en....
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Section 78 |
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Appearance by authorised representative.
Clause 78.-relates to appearance by authorised representative. The said clause, inter alia, seeks to provide that any assesse....
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Section 79 |
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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 und....
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Section 80 |
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Congnizance of offences.
Clause 80.-relates to congnizance of offences. The said clause seeks to provide that no court inferior to that of a metropoli....
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Section 81 |
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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, n....
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Section 82 |
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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 civ....
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Section 83 |
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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 notwi....
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Section 84 |
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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 of t....
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Section 85 |
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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 prov....
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Section 86 |
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Power to remove difficulties.
Clause 86.-relates to power to remove difficulties. The said clause seeks to provide that if any difficulty arises in giving ....
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Section 87 |
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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) of s....
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Section 88 |
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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 relation t....
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