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Home Acts & Rules Bill Bills FINANCE BILL, 2018 Chapters List Part XVIII AMENDMENTS TO THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 This

Clause 216 - Amendment of Act 22 of 2015.- Amendment of section 46.- Amendment of section 55. - FINANCE BILL, 2018

FINANCE BILL, 2018
Part XVIII
AMENDMENTS TO THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015
  • Contents

PART XVIII

AMENDMENTS TO THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015

216. Amendment of Act 22 of 2015.

In the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, with effect from the 1st day of April, 2018,––

Amendment of section 46.

(a) in section 46, in sub-section (4),––

(i) in the opening portion, after the words “Joint Commissioner,”, the words “or the Joint Director” shall be inserted;

(ii) in clause (b), after the words “Deputy Commissioner”, the words “or Assistant Director or Deputy Director” shall be inserted;

Amendment of section 55.

(b) in section 55,––

(i) for the marginal heading, the following marginal heading shall be substituted, namely:–

“Prosecution to be at instance of Principal Chief Commissioner or Principal Director General or Chief Commissioner or Director General or Principal Commissioner or Commissioner.”;

(ii) in sub-section (2), after the words “the Chief Commissioner”, the words “or the Principal Director General or the Director General” shall be inserted.

 



 

Notes on Clauses:

Clause 216 of the Bill seeks to amend the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Section 46 of the said Act relates to the procedure for imposing penalty.

Sub-section (4) of the said section, inter alia, provides that an order imposing a penalty shall be made with the approval of the Joint Commissioner in certain circumstances specified therein.

It is proposed to amend the said sub-section so as to provide that the Joint Director shall also be vested with the power to approve an order imposing penalty.

It is further proposed to amend clause (b) of the said sub-section so as to empower the Assistant Director and Deputy Director also to levy penalty under the said clause.

Section 55 of the said Act relates to institution of prosecution proceedings.

Sub-section (1) of the said section provides that a person shall not be proceeded against for an offence under section 49 to section 53 except with the sanction of the Principal Commissioner or Commissioner or the Commissioner (Appeals), as the case may be.

It is proposed to amend the marginal heading of the said section so as to include the reference of Principal Director General or Director General for the purpose of said section.

Sub-section (2) of the said section provides that the Principal Chief Commissioner or the Chief Commissioner may issue such instructions, or directions, to the tax authorities referred to in sub-section (1) as he may think fit for the institution of proceedings.

It is proposed to amend the said sub-section so as to empower the Principal Director General or the Director General also to issue such instructions or directions under the said sub-section.

These amendments will take effect from 1st April, 2018.

 
 
 
 

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