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Home Acts & Rules Other Direct Tax / Income Tax Acts Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Chapters List This

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 whole....
Section 2 : Definitions.

       Clause 2.-deals with definitions. The said clause provides definition of the terms used in this Bill and which have not been ....
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 undisclo....
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 foreign ....
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 computing....
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 referred t....
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 oth....
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 authorit....
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 with....
Section 10 : Assessment.

       Clause 10.-relating to assessment,inter-alia, provides that for the purposes of making an assessment or reassessment under th....
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 shall....
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 it so....
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 authority....
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 inc....
Section 15 : 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....
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, provide....
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 before him,....
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 pass....
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 passe....
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 the H....
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 judgmen....
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, 1908,....
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 Commissi....
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 by a....
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 paid i....
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 awarded ....
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 of....
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 the o....
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 tax ....
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 a n....
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 may d....
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 Of....
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 to w....
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 liquid....
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 ti....
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, being a....
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 been....
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 see....
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 mod....
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 to....
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 Off....
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 that....
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 ab....
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 an ....
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 to ....
Section 46 : Procedure.

       Clause 46.-deals with procedure for imposition of penalties. It, inter alia, provides that the specified tax authority shall ....
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 pen....
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 prosecution ....
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 to....
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 financ....
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 resi....
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 a ....
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 manner a....
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 any o....
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 th....
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 as....
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 records,....
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 convicte....
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 aft....
Section 60 : Charge of tax.

       Clause 60.-relates to charge of tax. This clause seeks to provide that notwithstanding anything contained in the Income-tax A....
Section 61 : Penalty.

       Clause 61.-relates to penalty. This clause seeks to provide that notwithstanding anything contained in the Income-tax Act or ....
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 to....
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 payable u....
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 with c....
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 declared ....
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 declaration....
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 nothing....
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 dec....
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 ali....
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 clau....
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 shall....
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 Explanation ....
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 provid....
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 notice, ....
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 authentic....
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 woul....
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 en....
Section 78 : Appearance by authorised representative.

       Clause 78.-relates to appearance by authorised representative. The said clause, inter alia, seeks to provide that any assesse....
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 und....
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 metropoli....
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, n....
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 civ....
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 notwi....
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 of t....
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 prov....
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 giving ....
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) of s....
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 relation t....
 
 
 
 
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