Home Acts & Rules Direct Taxes Acts Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Chapters List Chapter III TAX MANAGEMENT This
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Section 40 - Interest for default in furnishing return and payment or deferment of advance tax. - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015Extract Interest for default in furnishing return and payment or deferment of advance tax. 40. (1) Where the assessee has any income from a source outside India which has not been disclosed in the return of income furnished under sub-section (1) of section 139 of the Income-tax Act or the return of income has not been furnished under the said sub-section, the interest shall be chargeable in accordance with the provisions of section 234A of the Income-tax Act. (2) Where the assessee has any undisclosed income from a source outside India and the advance tax on such income has not been paid in accordance with Part C of Chapter XVII of the Income-tax Act, the interest shall be chargeable in accordance with the provisions of sections 234B and 234C of the Income-tax Act.
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