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THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX Act 2015

Dated:- 14-5-2015 - The following Act of Parliament received the assent of the President on the 26th May, 2015, and is hereby published for general information:- NO. 22 OF 2015 An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental th .....

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therwise requires,- (1) Appellate Tribunal means the Appellate Tribunal constituted under section 252 of the Income-tax Act; (2) assessee means a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, by whom tax in respect of undisclosed foreign income and assets, or any other sum of money, is payable under this Act and includes every person who is deemed to be an assessee in default under this Act; (3) assessmen .....

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e under this Act; (9) previous year means- (a) the period beginning with the date of setting up of a business and ending with date of the closure of the business or the 31st day of March following the date of setting up of such business, whichever is earlier; (b) the period beginning with the date on which a new source of income comes into existence and ending with the date of closure of the business or the 31st day of March following the date on which such new source comes into existence, which .....

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he meaning of section 6 of the Income-tax Act; (11) undisclosed asset located outside India means an asset (including financial interest in any entity) located outside India, held by the assessee in his name or in respect of which he is a beneficial owner, and he has no explanation about the source of investment in such asset or the explanation given by him is in the opinion of the Assessing Officer unsatisfactory; (12) undisclosed foreign income and asset means the total amount of undisclosed i .....

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Act shall have the meanings respectively assigned to them in that Act. CHAPTER II BASIS OF CHARGE Charge of tax. 3. (1) There shall be charged on every assessee for every assessment year commencing on or after the 1st day of April, 2016, subject to the provisions of this Act, a tax in respect of his total undisclosed foreign income and asset of the previous year at the rate of thirty per cent. of such undisclosed income and asset: Provided that an undisclosed asset located outside India shall b .....

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hall be,- (a) the income from a source located outside India, which has not been disclosed in the return of income furnished within the time specified in Explanation 2 to sub-section (1) or under sub-section (4) or sub-section (5) of section 139 of the Income-tax Act; (b) the income, from a source located outside India, in respect of which a return is required to be furnished under section 139 of the Income-tax Act but no return of income has been furnished within the time specified in Explanati .....

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ion 92C of the said Act shall not be included in the total undisclosed foreign income. (3) The income included in the total undisclosed foreign income and asset under this Act shall not form part of the total income under the Income-tax Act. Computation of total undisclosed foreign income and asset. 5. (1) In computing the total undisclosed foreign income and asset of any previous year of an assessee,- (i) no deduction in respect of any expenditure or allowance or set off of any loss shall be al .....

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of the Assessing Officer that the asset has been acquired from the income which has been assessed or is assessable, as the case may be, to tax. (2) The amount of deduction referred to in clause (ii) of sub-section (1) in case of an immovable property shall be the amount which bears to the value of the asset as on the first day of the financial year in which it comes to the notice of the Assessing Officer, the same proportion as the assessable or assessed foreign income bears to the total cost of .....

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, A=Rs.1 crore, B=Rs. (100 x 20/50) lakh= ₹ 40 lakh, C=Rs. (100-40) lakh=Rs.60 lakh. CHAPTER III TAX MANAGEMENT Tax Authorities. 6. (1) The Income-tax authorities specified in section 116 of the Income-tax Act shall be the tax authorities for the purposes of this Act. (2) Every such authority shall exercise the powers and perform the functions of a tax authority under this Act in respect of any person within his jurisdiction. (3) Subject to the provisions of sub-section (4), the jurisdicti .....

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ee resides or carries on its business or has its principal place of business. (5) Section 118 of the Income-tax Act and any notification issued thereunder shall apply in relation to the control of tax authorities as they apply in relation to the control of the corresponding income-tax authorities, except to the extent to which the Board may, by notification in the Official Gazette, otherwise direct in respect of any tax authority. Change of incumbent. 7. (1) The tax authority who succeeds anothe .....

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Civil Procedure, 1908 (5 of 1908), while trying a suit in respect of the following matters, namely :- (a) discovery and inspection; (b) enforcing the attendance of any person, including any officer of a banking company and examining him on oath; (c) compelling the production of books of account and other documents; and (d) issuing commissions. (2) For the purposes of making any inquiry or investigation, the prescribed tax authority shall be vested with the powers referred to in sub-section (1), .....

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s custody any such books or documents for a period exceeding thirty days without obtaining the approval of the Principal Chief Commissioner or the Chief Commissioner or the Principal Commissioner or the Commissioner. Proceedings before tax authorities to be judicial proceedings. 9. (1) Any proceeding under this Act before a tax authority shall be deemed to be a judicial proceeding within the meaning of section 193 and section 228 and for the purposes of section 196 of the Indian Penal Code. (45 .....

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his notice, serve on any person, a notice requiring him on a date to be specified to produce or cause to be produced such accounts or documents or evidence as the Assessing Officer may require for the purposes of this Act and may, from time to time, serve further notices requiring the production of such other accounts or documents or evidence as he may require. (2) The Assessing Officer may make such inquiry, as he considers necessary, for the purpose of obtaining full information in respect of .....

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person fails to comply with all the terms of the notice under sub-section (1), the Assessing Officer shall, after taking into account all the relevant material which he has gathered and after giving the assessee an opportunity of being heard, make the assessment of undisclosed foreign income and asset to the best of his judgment and determine the sum payable by the assessee. Time limit for completion of assessment and reassessment. 11. (1) No order of assessment or reassessment shall be made un .....

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ved by the Principal Commissioner or the Commissioner. (3) The provisions of sub-section (1) shall not apply to the assessment or reassessment made in the consequence of, or to give effect to, any finding or direction contained in an order under section 15 or section 18 or section 19 or section 22 of this Act or in an order of any Court in a proceeding otherwise than by way of appeal under this Act and such assessment or reassessment may, subject to the provisions of sub-section (2), be complete .....

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a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A of the Income-tax Act or under section 73 of this Act and ending with the date on which the Principal Commissioner or the Commissioner last receives, the information so requested or a period of one year, whichever is less, shall be excluded: Provided that where immediately after the exclusion of the aforesaid time or period, the period o .....

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an assessment year in respect of an assessee, then, an assessment of such undisclosed foreign income and asset for another assessment year shall, for the purposes of section 10 and this section, be deemed to be one made in consequence of, or to give effect to, any finding or direction contained in the said order. Rectification of mistake. 12. (1) A tax authority may amend any order passed by it under this Act so as to rectify any mistake apparent from the record. (2) No amendment under this sect .....

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a) on its own motion; or (b) on the application made to it by the assessee or, as the case may be, by the Assessing Officer. (5) Any application received by the tax authority for amendment of an order shall be decided within a period of six months from the end of the month in which such application is received by it. (6) In a case where the order has been made in an appeal or revision, the power of the tax authority to amend the order shall be restricted to matters other than those decided in ap .....

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outside India is held, or the recovery from such person of the tax or any other sum of money payable in respect of such income and asset. Appeals to the Commissioner (Appeals). 15. (1) Any person, - (a) objecting to the amount of tax on undisclosed foreign income and asset for which he is assessed by the Assessing Officer; or (b) denying his liability to be assessed under this Act; or (c) objecting to any penalty imposed by the Assessing Officer; or (d) objecting to an order of rectification ha .....

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alty, or (b) the date on which the intimation of the order sought to be appealed against is served in any other case. (4) The Commissioner (Appeals) may admit an appeal after the expiration of the period referred to in sub-section (3)- (a) if he is satisfied that the appellant had sufficient cause for not presenting it within that period; and (b) the delay in preferring the appeal does not exceed a period of one year. (5) The Commissioner (Appeals) shall hear and determine the appeal and, subjec .....

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against whose order the appeal is preferred. (2) The following shall have the right to be heard at the hearing of the appeal, namely:- (a) the appellant, either in person or by an authorised representative; (b) the Assessing Officer, either in person or by a representative. (3) The Commissioner (Appeals) may adjourn the hearing of the appeal whenever he considers it necessary or expedient to do so. (4) The Commissioner (Appeals) may, before disposing of any appeal, make such further inquiry as h .....

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s) disposing of the appeal shall be in writing and shall state the points for determination, the decision thereon and the reasons therefor. (8) Every appeal preferred under section 15 shall be heard and disposed of by the Commissioner (Appeals) as expeditiously as possible and endeavour shall be made to dispose of such appeal within a period of one year from the end of the financial year in which the appeal is preferred. (9) On the disposal of the appeal, the Commissioner (Appeals) shall communi .....

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in any other case, he may determine the issues arising in the appeal and pass such orders thereon, as he thinks fit. (2) The Commissioner (Appeals) may consider and decide any matter which was not considered by the Assessing Officer. (3) The Commissioner (Appeals) shall not enhance an assessment or a penalty unless the appellant has had an opportunity of being heard. (4) In disposing of an appeal, the Commissioner (Appeals) may consider and decide any matter arising out of the proceedings in wh .....

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the Commissioner (Appeals) under any provision of this Act, direct the Assessing Officer to appeal to the Appellate Tribunal against the order. (3) Every appeal under sub-section (1) or sub-section (2) shall be filed within a period of sixty days from the date on which the order sought to be appealed against is communicated to the assessee or to the Principal Commissioner or the Commissioner, as the case may be. (4) The Assessing Officer or the assessee, as the case may be, on receipt of notice .....

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n appeal presented within the time specified in sub-section (3). (5) The Appellate Tribunal may admit an appeal or permit the filing of a memorandum of cross-objections after the expiry of the period referred to in sub-section (3) or sub-section (4), if - (a) it is satisfied that there was sufficient cause for not presenting it within that period; and (b) the delay in filing the appeal does not exceed a period of one year. (6) An appeal to the Appellate Tribunal shall be filed in such form, and .....

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ppeal to High Court. 19. (1) An appeal shall lie to the High Court from every order passed in appeal by the Appellate Tribunal, if the High Court is satisfied that the case involves a substantial question of law. (2) The Principal Chief Commissioner or the Chief Commissioner or the Principal Commissioner or the Commissioner or an assessee, may file an appeal to the High Court on being aggrieved by any order passed by the Appellate Tribunal and such appeal shall be- (a) filed within a period of o .....

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cient cause for not filing the appeal within that period. (4) If the High Court is satisfied that a substantial question of law is involved in any case, it shall formulate that question. (5) The appeal shall be heard only on the question so formulated, and the respondents shall, at the hearing of the appeal, be allowed to argue that the case does not involve such question. (6) Notwithstanding anything in sub-sections (4) and (5), the High Court may exercise its power to hear the appeal on any ot .....

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cision on the question of law referred to in sub-section (1). (9) The provisions of the Code of Civil Procedure, 1908 (5 of 1908), relating to appeals to the High Court shall, so far as may be, apply in the case of appeals under this section. (10) When the High Court delivers a judgment in an appeal filed before it under sub-section (7), effect shall be given to the order passed on the appeal by the Assessing Officer on the basis of a certified copy of the judgment. Case before High Court to be .....

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rt and such point shall be decided according to the opinion of the majority of the Judges who have heard the case including those who first heard it. Appeal to Supreme Court. 21. An appeal shall lie to the Supreme Court from any judgment of the High Court delivered under section 19 which the High Court certifies to be a fit case for appeal to the Supreme Court. Hearing before Supreme Court. 22. (1) The provisions of the Code of Civil Procedure, 1908 (5 of 1908), relating to appeals to the Suprem .....

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Commissioner may, for the purposes of revising any order passed in any proceeding under this Act before any tax authority subordinate to him, call for and examine all available records relating thereto. (2) The Principal Commissioner or the Commissioner may, after giving the assessee an opportunity of being heard, pass an order (hereinafter referred to as the revision order) as the circumstances of the case justify, if he is satisfied that the order sought to be revised is erroneous in so far as .....

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he Principal Commissioner or the Commissioner under sub-section (2) for revising an order shall extend to such matters as have not been considered and decided in any appeal. (6) No order under sub-section (2) shall be made after the expiry of a period of two years from the end of the financial year in which the order sought to be revised was passed. (7) Notwithstanding anything in sub-section (6), an order in revision under this section may be passed at any time in respect of an order which has .....

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ce to the generality of the foregoing provisions, an order passed by a tax authority shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if in the opinion of the Principal Commissioner or the Commissioner- (a) the order is passed without making inquiries or verification which, should have been made; or (b) the order has not been made in accordance with any order, direction or instruction issued by the Board; or (c) the order has not been passed in acco .....

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application made by the assessee, for the purposes of revising any order passed by an authority subordinate to him, other than an order to which section 23 applies, call for and examine all available records relating thereto. (2) The Principal Commissioner or the Commissioner may pass an order, as he considers necessary, which is not prejudicial to the assessee. (3) The power of the Principal Commissioner or the Commissioner under sub-section (2) to revise an order shall not extend to such order .....

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otherwise came to know of it, whichever is earlier. (5) The Principal Commissioner or the Commissioner may, if he is satisfied that the assessee was prevented by sufficient cause from making the application within the period of one year, admit an application made after the expiry of one year but before expiry of two years from the date referred to in sub-section (4). (6) Every application by an assessee for revision under this section shall be accompanied by such fees as may be prescribed. (7) .....

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be reheard under section 7; or (b) any period during which any proceeding under this section is stayed by an order or injunction of any court. (9) An order by the Principal Commissioner or the Commissioner declining to interfere shall, for the purposes of this section, be deemed not to be an order prejudicial to the assessee. Tax to be paid pending appeal. 25. Notwithstanding any appeal preferred to the High Court or the Supreme Court, the tax shall be paid in accordance with the assessment mad .....

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f individuals or an association of persons is made, the Commissioner (Appeals) or the Appellate Tribunal, as the case may be, shall pass an order authorising the Assessing Officer either to amend the assessment made or make a fresh assessment on any member of the body or association. Exclusion of time taken for obtaining copy. 28. In computing the period of limitation prescribed for an appeal under this Act, the day on which the notice of the order was served upon the assessee without serving a .....

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ny appeal on any issue in the case of an assessee for any financial year, it shall not preclude such authority from filing an appeal on the same issue in the case of- (a) the same assessee for any other financial year; or (b) any other assessee for the same or any other financial year. (3) Notwithstanding that no appeal has been filed by a tax authority pursuant to the orders or instructions or directions issued under sub-section (1), it shall not be lawful for an assessee, being a party in any .....

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to have been issued under sub-section (1) and the provisions of sub-sections (2), (3) and (4) shall apply accordingly. Recovery of tax dues by Assessing Officer. 30. (1) Any amount specified as payable in a notice of demand under section 13 shall be paid within a period of thirty days of the service of the notice, to the credit of the Central Government in such manner as may be prescribed. (2) Where the Assessing Officer has any reason to believe that it will be detrimental to the interests of r .....

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ay think fit to impose in the circumstances of the case. (4) An assessee shall be deemed to be an assessee in default, if the tax arrear is not paid within the time allowed under sub-section (1) or the period reduced under sub-section (2) or extended under sub-section (3), as the case may be. (5) Where an assessee defaults in paying any one of the instalments within the time fixed under sub-section (3), he shall be deemed to be an assessee in default in respect of the whole of the then outstandi .....

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Recovery Officer may draw up under his signature a statement of tax arrears of an assessee referred to in sub-section (4) or sub-section (5) of section 30, in such form, as may be prescribed (such statement hereafter in this Chapter referred to as certificate ). (2) The certificate under sub-section (1) shall stand amended from time to time consequent to any proceeding under this Act and the Tax Recovery Officer shall recover the amount so modified. (3) The Tax Recovery Officer may rectify any .....

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ispute the correctness of any certificate drawn up by the Tax Recovery Officer on any ground whatsoever, but it shall be lawful for the Tax Recovery Officer to cancel the certificate if, for any reason, he thinks it necessary so to do. Modes of recovery of tax dues. 32. (1) The Assessing Officer or the Tax Recovery Officer may require the employer of the assessee to deduct from any payment to the assessee such amount as is sufficient to meet the tax arrear from the assessee. (2) Upon requisition .....

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debtor of the assessee to pay such amount, not exceeding the amount of debt, as is sufficient to meet the tax arrear of the assessee. (5) Upon receipt of the notice under sub-section (4), the debtor shall comply with the requisition and shall pay the sum to the credit of the Central Government in such manner as may be prescribed within the time (not being before the debt becomes due to the assessee) specified in the notice. (6) A copy of the notice issued under sub-section (4) shall be forwarded .....

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trary if the notice under sub-section (4) is issued to a post office, banking company, insurer or any other person. (8) Any claim in respect of any property, in relation to which a notice under sub-section (4) has been issued, arising after the date of the notice, shall be void as against any demand contained in the notice. (9) A person to whom a notice under sub-section (4) has been issued, shall not be required to pay the amount of tax arrear specified therein, or part thereof, if he objects t .....

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it is discovered that the statement made by him was false in any respect. (11) The Assessing Officer or the Tax Recovery Officer may amend or revoke any notice issued under sub-section (4) or extend the time for making any payment in pursuance of such notice. (12) The Assessing Officer or the Tax Recovery Officer shall grant a receipt for any amount paid in compliance with a notice issued under sub-section (4), and the person so paying shall be fully discharged from his liability to the assesse .....

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if he fails to make such payment and further proceedings may be initiated against him for the realisation of the amount in the manner provided in this section and the Second Schedule to the Income-tax Act. (15) The Assessing Officer or the Tax Recovery Officer may apply to the court, in whose custody there is money belonging to the assessee, for payment to him of the entire amount of such money or if it is more than the tax arrear, an amount sufficient to meet the tax arrear. (16) The Assessing .....

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ue, to the assessee; or (ii) any person who holds, or may subsequently hold, any money for, or on account of, the assessee; or (iii) any person who holds, or may subsequently hold, any money for, or on account of, the assessee jointly with any other person; (b) shares of the joint holders in the account shall be presumed, until the contrary is proved, to be equal. Tax Recovery Officer by whom recovery of tax dues is to be effected. 33. (1) The Tax Recovery Officer competent to take action under .....

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covered, to another Tax Recovery Officer within whose jurisdiction the assessee resides or has property, if the first mentioned Tax Recovery Officer - (a) is not able to recover the entire amount by sale of the property, movable or immovable, within his jurisdiction; or (b) is of the opinion that, for the purpose of expediting, or securing, the recovery of the whole, or any part, of the amount under this Chapter, it is necessary to send such certificate. (3) The second-mentioned Tax Recovery Off .....

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e Assessing Officer shall, within a period of three months from the date on which he receives the information, intimate to the liquidator the amount which, in his opinion, would be sufficient to provide for any tax arrears or any amount which is likely to become payable thereafter, by the company under this Act. (3) The liquidator- (a) shall not part with any of the assets of the company, or the properties, in his custody until he has been intimated by the Assessing Officer under sub-section (2) .....

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to sub-section (1) of section 325 of the Companies Act, 2013 paripassu with such dues. (18 of 2013.) (5) The liquidator shall be personally liable for the payment of the amount payable by the company, if he- (a) fails to inform in accordance with sub-section (1); or (b) fails to set aside the amount as required by sub-section (3). (6) The obligations and liabilities attached to the liquidator under this section shall attach to all the liquidators jointly and severally in a case where there is mo .....

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35. (1) Every person being a manager at any time during the financial year shall be jointly and severally liable for the payment of any amount due under this Act in respect of the company for the financial year, if the amount cannot be recovered from the company. (2) The provisions of sub-section (1) shall not apply, if the manager proves that non-recovery cannot be attributed to any neglect, misfeasance or breach of duty on his part in relation to the affairs of the company. (3) The provisions .....

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sessee of the deceased participant, shall be jointly and severally liable, along with the unincorporated body, for payment of any amount payable by the unincorporated body under this Act and all the provisions of this Act shall apply accordingly. (2) In case of a limited liability partnership, the provisions of sub-section (1) shall not apply, if the partner proves that non-recovery cannot be attributed to any neglect, misfeasance or breach of duty on his part in relation to the affairs of the p .....

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rate, by the same person and in the manner as the municipal tax or local rate is recovered. Recovery of tax dues in pursuance of agreements with foreign countries or specified territory. 38. (1) The Tax Recovery Officer may, in a case where an assessee has property in a country or a specified territory outside India, forward a certificate to the Board for recovery of the tax arrears from the assessee, where the Central Government or any specified association in India has entered into an agreeme .....

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ot affected. 39. (1) The several modes of recovery specified in this Chapter shall not affect in any way- (a) any other law for the time being in force relating to the recovery of debts due to the Government; or (b) the right of the Government to institute a suit for the recovery of the tax arrears from the assessee. (2) It shall be lawful for the Assessing Officer, or the Government, to have recourse to any such law or suit, notwithstanding that the tax arrears are being recovered from the asse .....

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(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. CHAPTER IV PENALTIES Penalty in relation to undisclosed foreign income and asset. 41. The Assessing Officer may, direct that, in a case where tax has been computed under section 10 in resp .....

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uired under sub-section (1) of section 139 of the Income-tax Act or by the provisos to that sub-section, and who at any time during such previous year, (i) held any asset (including financial interest in any entity) located outside India as a beneficial owner or otherwise; or (ii) was a beneficiary of any asset (including financial interest in any entity) located outside India; or (iii) had any income from a source located outside India, and fails to furnish such return before the end of the rel .....

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exchange for calculation of the value in rupees shall be the telegraphic transfer buying rate of such currency as on the date for which the value is to be determined as adopted by the State Bank of India constituted under the State Bank of India Act, 1955. (23 of 1955.) 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. 43. If any person, being a resident other tha .....

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h he was a beneficiary, or relating to any income from a source located outside India, at any time during such previous year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten lakh rupees: Provided that this section shall not apply in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year. Explanation.-The value equival .....

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reason of the fact that before the levy of such penalty he has paid the tax. Penalty for other defaults. 45. (1) A person shall be liable to a penalty if he has, without reasonable cause, failed to- (a) answer any question put to him by a tax authority in the exercise of its powers under this Act; (b) sign any statement made by him in the course of any proceedings under this Act which a tax authority may legally require him to sign; (c) attend or produce books of account or documents at the plac .....

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the penalty should not be imposed on him. (2) The notice referred to in sub-section (1) shall be issued- (a) during the pendency of any proceedings under this Act for the relevant previous year, in respect of penalty referred to in section 41; (b) within a period of three years from the end of the financial year in which the default is committed, in respect of penalties referred to in section 45. (3) No order imposing a penalty under this Chapter shall be made unless the assessee has been given .....

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ce of demand in respect of the amount of penalty imposed and such notice of demand shall be deemed to be a notice under section 13. Bar of limitation for imposing penalty. 47. (1) No order imposing a penalty under this Chapter shall be passed after the expiry of a period of one year from the end of the financial year in which the notice for imposition of penalty is issued under section 46. (2) An order imposing, or dropping the proceedings for imposition of, penalty under this Chapter may be rev .....

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the Appellate Tribunal, the High Court or the Supreme Court is received by the Principal Chief Commissioner or the Chief Commissioner or the Principal Commissioner or the Commissioner or the order of revision under section 23 or section 24 is passed. (4) In computing the period of limitation for the purposes of this section, the following time or period shall not be included- (a) the time taken in giving an opportunity to the assessee to be reheard under section 7; and (b) any period during whic .....

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or has not been made, on any person and it shall be no defence that the order has not been made on account of time limitation or for any other reason. Punishment for failure to furnish return in relation to foreign income and asset. 49. If a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who at any time during the previous year, held any asset (including financial interest in any entity) located outside In .....

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o furnish in due time the return of income under sub-section (1) of section 139 of the Income-tax Act if the return is furnished by him before the expiry of the assessment year. Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India. 50. If any person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who has furnished t .....

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or a term which shall not be less than six months but which may extend to seven years and with fine. Punishment for wilful attempt to evade tax. 51. (1) If a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, wilfully attempts in any manner whatsoever to evade any tax, penalty or interest chargeable or imposable under this Act, he shall be punishable with rigorous imprisonment for a term which shall not be les .....

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ne. (3) For the purposes of this section, a wilful attempt to evade any tax, penalty or interest chargeable or imposable under this Act or the payment thereof shall include a case where any person- (i) has in his possession or control any books of account or other documents (being books of account or other documents relevant to any proceeding under this Act) containing a false entry or statement; or (ii) makes or causes to be made any false entry or statement in such books of account or other do .....

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account or statement which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine. Punishment for abetment. 53. If a person abets or induces in any manner another person to make and deliver an account or a statement or declaration relating to tax payable under this Act which is false and which he either knows .....

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defence for the accused to prove the fact that he had no such mental state with respect to the act charged as an offence in that prosecution. Explanation.-In this sub-section, culpable mental state includes intention, motive or knowledge of a fact or belief in, or reason to believe, a fact. (2) For the purposes of this section, a fact is said to be proved only when the court believes it to exist beyond reasonable doubt and not merely when its existence is established by a preponderance of probab .....

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erred to in sub-section (1) as he may think fit for the institution of proceedings under this section. (3) The power of the Board to issue orders, instructions or directions under this Act shall include the power to issue orders, instructions or directions (including instructions or directions to obtain its previous approval) to other tax authorities for the proper initiation of offences (including an authorisation to file and pursue complaints by one or more Inspectors of tax) under this sectio .....

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offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. (3) Notwithstanding anything in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer s .....

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in sub-section (3), shall be liable to be proceeded against and punished in accordance with the provisions of this Act. (5) In this section- (a) company means a body corporate, and includes - (i) an unincorporated body; (ii) a Hindu undivided family; (b) director , in relation to - (i) an unincorporated body, means a participant in the body; (ii) a Hindu undivided family, means an adult member of the family; and (iii) a company, means a whole-time director, or where there is no such director, an .....

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he tax authority; or (b) a copy of the entries certified by that authority under its signature, as true copy of the original entries contained in the records or other documents in its custody. Punishment for second and subsequent offences. 58. If any person convicted of an offence under section 49 to section 53 (both inclusive) is again convicted of an offence under any of the aforesaid provisions, he shall be punishable for the second and every subsequent offence with rigorous imprisonment for .....

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e, a declaration in respect of any undisclosed asset located outside India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on 1st day of April, 2016- (a) for which he has failed to furnish a return under section 139 of the Income-tax Act; (b) which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Act; (c) which has escaped assessment .....

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on the date of commencement of this Act. Penalty. 61. Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the person making a declaration of undisclosed asset located outside India shall, in addition to tax charged under section 60, be liable to penalty at the rate of one hundred percent of such tax. Manner of declaration. 62. (1) A declaration under section 59 shall be made to the Principal Commissioner or the Commissioner and shall be in such form and shall be verif .....

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d where the karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of such family; (iii) where the declarant is a company, by the managing director thereof, or where for any unavoidable reason such managing director is not able to sign the declaration or where there is no managing director, by any director thereof; (iv) where the declarant is a firm, by the managing partner thereof, or where for any unavoidable reason such managing partne .....

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f the asset of any other person, shall not be entitled to make any other declaration, under that sub-section in respect of his asset or the asset of such other person, and any such other declaration, if made, shall be deemed to be void. Time for payment of tax. 63. (1) The tax payable under section 60 and penalty payable under section 61 in respect of the undisclosed asset located outside India, shall be paid on or before a date to be notified by the Central Government in the Official Gazette. ( .....

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not to be included in total income. 64. The amount of undisclosed investment in an asset located outside India declared in accordance with section 59 shall not be included in the total income of the declarant for any assessment year under the Income-tax Act, if the declarant makes the payment of tax referred to in section 60 and the penalty referred to in section 61 by the date notified under sub-section (1) of section 63. Undisclosed foreign asset declared not to affect finality of completed a .....

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penalty paid under section 61 in pursuance of a declaration made under section 59 shall not be refundable. Declaration not admissible in evidence against declarant. 67. Notwithstanding anything contained in any other law for the time being in force, nothing contained in any declaration made under section 59 shall be admissible in evidence against the declarant for the purpose of any proceeding relating to imposition of penalty, other than the penalty leviable under section 61, or for the purpose .....

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r. Exemption from wealth-tax in respect of assets specified in declaration 69. (1) Where the undisclosed asset located outside India is represented by cash (including bank deposits), bullion or any other assets specified in the declaration made under section 59- (a) in respect of which the declarant has failed to furnish a return under section 14 of the Wealth-tax Act, 1957 (27 of 1957) for the assessment year commencing on or before the 1st day of April, 2015; or (b) which have not been shown i .....

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r the said assessment year or years; (II) the amount by which the value of the assets referred to in clause (c) has been understated in the return of net wealth for the said assessment year or years, to the extent such amount does not exceed the voluntarily disclosed income utilised for acquiring such assets, shall not be taken into account in computing the net wealth of the declarant for the said assessment year or years. Explanation.-Where a declaration under section 59 is made by a firm, the .....

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ter V of Wealth-tax Act. 70. The provisions of Chapter XV of the Income-tax Act relating to liability in special cases and of section 189 of that Act or of Chapter V of the Wealth-tax Act relating to liability to assessment in special cases shall, so far as may be, apply in relation to proceedings under this Chapter as they apply in relation to proceedings under the Income-tax Act or, as the case may be, the Wealth-tax Act. Chapter not to apply to certain persons. 71. The provisions of this Chap .....

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h order of detention, being an order to which the provisions of section 9 of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the review under sub-section (3) of section 9, or on the report of the Advisory Board under section 8, read with sub-section (2) of section 9, of the said Act; or (iii) such order of detention, being an order to which the provisions of section 12A of the said Act apply, has not been revoked before the expiry of the time for, .....

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e Unlawful Activities (Prevention) Act, 1967 (37 of 1967), the Prevention of Corruption Act, 1988; (49 of 1988) (c) to any person notified under section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (27 of 1992). (d) in relation to any undisclosed asset located outside India which has been acquired from income chargeable to tax under the Income-tax Act for any previous year relevant to an assessment year prior to the assessment year beginning on the .....

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ection (2) of section 143 for the assessment year relevant to such previous year or a notice under section 153A or under section 153C of the said Act for an assessment year relevant to any previous year prior to such previous year has not been issued and the time for issuance of such notice has not expired; or (iii) where any information has been received by the competent authority under an agreement entered into by the Central Government under section 90 or section 90A of the Income-tax Act in .....

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apter; (b) where any declaration has been made under section 59 but no tax and penalty has been paid within the time specified under section 60 and section 61, the value of such asset shall be chargeable to tax under this Act in the previous year in which such declaration is made; (c) where any asset has been acquired or made prior to commencement of this Act, and no declaration in respect of such asset is made under this Chapter, such asset shall be deemed to have been acquired or made in the y .....

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geable under this Act; (b) for the avoidance of double taxation of income under this Act and under the corresponding law in force in that country; (c) for exchange of information for the prevention of evasion or avoidance of tax on undisclosed foreign income chargeable under this Act or under the corresponding law in force in that country, or investigation of cases of such evasion or avoidance; (d) for recovery of tax under this Act and under the corresponding law in force in that country; or (e .....

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on in India may enter into an agreement with any specified association in the specified territory outside India for the purposes of sub-section (1) and the Central Government may by notification make such provisions as may be necessary for adopting and implementing such agreement. (5) Any term used but not defined in this Act or in the agreement referred to in sub-sections (1), (2) or sub-section (4) shall, unless the context otherwise requires, and is not inconsistent with the provisions of thi .....

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post or by such courier service as may be approved by the Board; (b) in such manner as provided under the Code of Civil Procedure, 1908 (5 of 1908) for the purposes of service of summons; (c) in the form of any electronic record as provided in Chapter IV of the Information Technology Act, 2000 (21 of 2000); or (d) by any other means of transmission of documents, including fax message or electronic mail message, as may be prescribed. (2) The Board may make rules providing for the addresses includ .....

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issued, served or given for the purposes of this Act by any tax authority shall be authenticated by that authority. (2) Every notice or other document to be issued, served or given for the purposes of this Act by any tax authority shall be deemed to be authenticated, if the name and office of a designated tax authority is printed, stamped or otherwise written thereon. (3) In this section, a designated tax authority shall mean any tax authority authorised by the Board to issue, serve or give such .....

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shall be precluded from taking any objection in any proceeding or inquiry under this Act that the notice was- (a) not served upon him; (b) not served upon him in time; or (c) served upon him in an improper manner. (3)The provisions of this section shall not apply, if the person has raised the objection before the completion of the assessment. Appearance by approved valuer in certain matters. 77. (1) Any assessee who is entitled or required to attend before any tax authority or the Appellate Trib .....

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x authority or the Appellate Tribunal, in connection with any proceeding under this Act, may attend through an authorised representative. (2) The provisions of sub-section (1) shall not apply in a case where the assessee is required to attend personally for examination on oath or affirmation under section 8. (3) In this section, authorised representative means a person authorised by the assessee in writing to appear on his behalf, being- (a) a person related to the assessee in any manner, or a p .....

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to represent an assessee under sub-section (1), namely:- (a) a person who has been dismissed or removed from Government service; (b) a legal practitioner, or an accountant, who is found guilty of misconduct in his professional capacity by any authority entitled to institute disciplinary proceedings against him; (c) a person, not being a legal practitioner or an accountant, who is found guilty of misconduct in any tax proceedings by such authority as may be prescribed. (5) The Principal Chief Com .....

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s an authorised representative, if he has committed any fraud or misrepresented the facts which resulted in loss to the revenue and that person has been declared as such by an order of the Principal Chief Commissioner or the Chief Commissioner. Explanation.-In this section, accountant means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) who holds a valid certificate of practice under sub-section (1) of section 6 .....

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inferior to that of a metropolitan magistrate or a magistrate of the First Class shall try any offence under this Act. Assessment not to be invalid on certain grounds. 81. No assessment, notice, summons or other proceedings, made or issued or taken or purported to have been made or issued or taken in pursuance of any of the provisions of this Act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such assessment, notice, summons or other pro .....

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. Income-tax papers to be available for purposes of this Act. 83. Notwithstanding anything contained in the Income-tax Act, all information contained in any statement or return made or furnished under the provisions of that Act or obtained or collected for the purposes of the said Act may be used for the purposes of this Act. Application of provisions of Income-tax Act. 84. The provisions of clauses (c) and (d) of sub-section (1) of section 90, clauses (c) and (d) of sub-section (1) of section 9 .....

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erality of the foregoing power, such rules may provide for all or any of the following matters:- (a) the manner of determination of the value of an undisclosed foreign asset referred to in sub-section (2) of section 3; (b) the tax authority to be prescribed for any of the purposes of this Act; (c) the form and manner of service of a notice of demand under sub-section (1) of section 13; (d) the form in which any appeal, revision or cross-objection may be filed under this Act, the manner in which .....

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ection (1) of section 62 is to be made and the manner in which it is to be verified; (i) the means of transmission of documents under clause (d) of sub-section (1) of section 74; (j) the procedure for approval of a valuer by the Principal Commissioner or the Commissioner under section 77; (k) the educational qualifications required, to be an authorised representative under clause (f) of sub-section (3) of section 78; (l) the tax authority under clause (c) of sub-section (4) of section 78; (m) th .....

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tral Government shall cause every rule made under this Act to be laid as soon as may be after it is made before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the r .....

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made after the expiry of a period of two years from the date on which the provisions of this Act come into force. (2) Every order made under this section shall be laid before each House of Parliament. Amendment of section 2 of Act 54 of 1963. 87. In section 2 of the Central Boards of Revenue Act, 1963, in sub-clause (1) of clause (c),- (a) in item (vii), the word and occurring at the end shall be omitted; and (b) after item (ix) as so amended, the following item shall be inserted, namely:- (x) .....

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Assets (Imposition of Tax) Act, 2015 . STATEMENT OF OBJECTS AND REASONS Stashing away of black money abroad by some people with intent to evade taxes has been a matter of deep concern to the nation. Black Money is a common expression used in reference to tax-evaded income. Evasion of tax robs the nation of critical resources necessary to undertake programs for social inclusion and economic development. It also puts a disproportionate burden on the honest taxpayers as they have to bear the brunt .....

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ncome stashed away abroad. 3. The Supreme Court of India has also expressed concern over this issue. The Special Investigation Team constituted by the Central Government to implement the decision of the Supreme Court, has also expressed the views that measures may be taken to curb the menace of black money. Internationally, a new regime for automatic exchange of financial information is fast taking shape and India is a leading force in this effort. 4. The new legislation will apply to all person .....

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on shall not be prosecuted under the Bill and the declaration made by him will not be used as evidence against him under the Wealth-tax Act, the Foreign Exchange Management Act (FEMA), the Companies Act or the Customs Act. Wealth-tax shall not be payable on any asset so disclosed. It is merely an opportunity for persons to become tax compliant before the stringent provisions of the new legislation come into force. 5. The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 inter .....

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iability with enhanced punishment. Wilful attempt to evade tax in relation to a foreign income will be punished with rigorous imprisonment from three years to ten years and with fine. Failure to furnish a return of income though holding a foreign asset, failure to disclose the foreign asset or furnishing of inaccurate particulars of the foreign asset will be punishable with rigorous imprisonment for a term of six months to seven years. The provisions will also apply to banks and financial instit .....

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under the Act have been vested with the powers of discovery and inspection, issue of commissions, issue of summonses, enforcement of attendance, production of evidence, impounding of books of account and documents. (v) The Central Government has been empowered to enter into agreements with other countries, specified territories and associations outside India inter alia for exchange of information, recovery of tax and avoidance of double taxation. (vi) Safeguards to prevent misuse have been embed .....

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l also proposes to amend Prevention of Money Laundering Act (PMLA), 2002 to include offence of tax evasion under the proposed legislation as a scheduled offence under PMLA. 6. The enactment of the proposed new Bill will enable the Central Government to tax undisclosed foreign income and assets acquired from such undisclosed foreign income, and punish the persons indulging in illegitimate means of generating money causing loss to the revenue. It will also prevent such illegitimate income and asse .....

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/2015TPL, dated the 18th March, 2015 from Shri Arun Jaitely, Minister of Finance to the Secretary General, Lok Sabha]. The President, having been informed of the subject matter of the proposed Bill, recommends, under clauses (1) and (3) of Article 117, read with clause (1) of article 274 of the Constitution of India, the introduction of the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 to the Lok Sabha and also recommends to the Lok Sabha the consideration of the Bill. Not .....

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and asset , undisclosed asset located outside India etc. It also provides that all other words and expressions used in this Bill but not defined and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act. Clause 3.-provides for charge of tax. It provides that every assessee shall be liable to tax in respect of his total undisclosed foreign income and asset at the rate of thirty per cent of such undisclosed income and asset. It also defines the term value .....

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ection (5) of section 139 of the Income-tax Act; (b) the income, from a source located outside India ,in respect of which a return is required to be furnished under section 139 of the Income-tax Act but no return of income has been furnished under sub-section (1) or sub-section (4) or subsection (5) of section 139 of the Income-tax Act; (c) the value of any undisclosed asset located outside India. It further provides that any variation made in the income from a source outside India in the assess .....

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f total undisclosed foreign income and asset. It, inter alia, provides that in computing the total undisclosed foreign income and asset no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee, which is otherwise allowable in accordance with the provisions of the Income-tax Act. It further provides that any income which has been assessed to tax for any assessment year under the Income-tax Act prior to the assessment year to which this Act ap .....

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case of an immovable property. Clause 6.-provides that the Income-tax authorities specified in section 116 of the Income-tax Act, 1961 (hereafter referred to as Income-tax Act) shall be the tax authorities for the purposes of this Act. The jurisdiction of a tax authority under this Act shall be the same as he has under the Income-tax Act by virtue of orders or directions issued section 120 of that Act (including orders or directions assigning the concurrent jurisdiction) or under any other provi .....

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proceedings from the stage at which it was left by his predecessor. It also provides that in such case the assessee may be given an opportunity of being heard, if he so requests, before passing any order in his case. Clause 8.-relating to powers regarding discovery and production of evidence seeks to provide that the prescribed tax authorities shall, for the purposes of the Act, have the same powers as are vested in a court under the Code of Civil Procedure, 1908, while trying a suit in respect .....

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fore it. The said clause also provides that any prescribed tax authority may, subject to the rules made in this behalf, impound any books of account or other documents produced before it and retain them in its custody for such period as it thinks fit if such authority is of the rank of Commissioner and above. Any tax authority below the rank of Commissioner shall not impound any books of account or other documents without recording his reasons for doing so; or retain in his custody any such book .....

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a civil court for the purposes of section 196, but not for the purposes of Chapter XXVI of the Code of Criminal Procedure, 1973. Clause 10.- relating to assessment, inter-alia, provides that for the purposes of making an assessment or reassessment under the Act, the Assessing Officer may, on receipt of an information from an income-tax authority under the Income-tax Act or any other authority under any law for the time being in force or on coming of any information to his notice, serve a notice .....

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ull information in respect of undisclosed foreign income and asset of any person for the relevant financial year. It also provides that the Assessing Officer shall, after considering the accounts, documents or evidence produced by the assessee, and any relevant material which he has gathered, pass an order in writing whereby assess the undisclosed foreign income and asset and determine the sum payable by the assessee. It also provides that if any person fails to comply with all the terms of a no .....

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rities or any Court in a proceeding otherwise than by way of appeal under the Act. The said clause also provides that in computing the period of limitation, certain specified time period shall be excluded. It further provides that where any undisclosed foreign income and asset is excluded from the total undisclosed foreign income and asset for an assessment year in respect of an assessee, then, an assessment of such undisclosed foreign income and asset for another assessment year shall, for the .....

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be amended was passed. It also provides that the tax authority shall, before making an amendment which has the effect of enhancing the undisclosed foreign income and asset or reducing a refund or otherwise increasing the liability of the assessee, give an opportunity of being heard to the assessee. It also provides that the tax authority concerned may make an amendment under this clause either on its own motion or on the application made to it by the assessee or the Assessing Officer. It also p .....

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come from a source located outside India is receivable or undisclosed asset located outside India is held, nor the recovery from such person of the tax payable in respect of such income and asset is barred. Clause.-15 relates to appeals before the Commissioner (Appeals) and, inter alia, provides that any person may file an appeal to the Commissioner (Appeals) where he (a) objects to the amount of tax on undisclosed foreign income and asset for which he is assessed by the Assessing Officer; or (b .....

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of an appeal before the Commissioner (Appeals). It, inter alia, provides that the Commissioner (Appeals) may, before disposing of any appeal, make such inquiry as he thinks fit or direct the Assessing Officer to do so. He may also allow the appellant to go into any new ground of appeal if he is satisfied that the omission was not wilful or unreasonable. Clause 17.-relates to the powers of the Commissioner (Appeals) and, inter alia, provides that in case of an appeal before him, the Commissioner .....

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ainst such order. Similarly, the Principal Commissioner or the Commissioner may, if he objects to any order passed by the Commissioner (Appeals) direct the Assessing Officer to appeal to the Appellate Tribunal against the order. It further provides that every appeal shall be filed within the time period specified therein and allows the respondent to file a memorandum of cross-objections, against any part of the order of the Commissioner (Appeals). The Appellate Tribunal may admit an appeal, or a .....

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ause 19.-relates to appeal to the High Court and provides that an appeal shall lie to the High Court from every order passed in appeal by the Appellate Tribunal, if the High Court is satisfied that the case involves a substantial question of law. It further provides that the Principal Chief Commissioner or the Chief Commissioner or the Principal Commissioner or the Commissioner or an assessee, may file an appeal to the High Court within the specified time and in the specified form. The High Cour .....

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o the order passed on the appeal by the Assessing Officer on the basis of a certified copy of the judgment. 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 High Court and shall be decided in accordance with the opinion of such Judges or if the Bench is of more than two Judges, by the majority of such Judges. Clause 21.-deals with appeal to the Supreme Court and provides that an appeal shall lie to the Supreme Court from .....

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urt is varied or reversed in the appeal, effect shall be given to the order of the Supreme Court in the manner provided under clause 19. Clause 23.-relates to revision of orders prejudicial to revenue and seeks to, inter alia, provide that the Principal Commissioner or the Commissioner may revise any order passed by any tax authority subordinate to him, after examining all available records, hearing the assessee and making such inquiries as he considers necessary if he is satisfied that the orde .....

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a period of two years from the end of the financial year in which the order sought to be revised was passed. The said clause also provides that in order passed by a tax authority shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if it falls in any of the categories specified therein. The clause also defines the expression record . Clause 24.-seeks to provide, inter alia, that the Principal Commissioner or the Commissioner may revise any order passed .....

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. Further the revision order shall not be passed after expiry of a period of one year from the end of the financial year in which such application is made or a period of one year from the date of the order sought to be revised if the Principal Commissioner or the Commissioner revises the order suo motu. Clause 25.-provides that notwithstanding any appeal preferred to the High Court or the Supreme Court, the tax shall be paid in accordance with the assessment made under this Act. Clause 26.-provi .....

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e Appellate Tribunal, as the case may be, shall pass an order authorising the Assessing Officer either to amend the assessment made or make a fresh assessment on any member of the body or association. Clause 28.-provides that in computing the period of limitation prescribed for an appeal, the day on which the notice of the order was served upon the assessee without serving a copy of the order the time taken for obtaining a copy of such order, shall be excluded. Clause 29.-inter alia, provides th .....

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e in the case of the same assessee for any other financial year; or any other assessee for the same or any other financial year. The said clause also provides that it shall not be lawful for an assessee, being a party in any appeal, to contend that the tax authority has acquiesced in the decision on the disputed issue by not filing an appeal in any case and the Appellate Tribunal, shall have regard to the such orders, instructions or directions issued by the Board. Clause 30.-relating to recover .....

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rther provides that the Assessing Officer may before the expiry of the specified period or during the pendency of appeal with the Commissioner (Appeals), extend the time for payment, or allow payment by installments, subject to such conditions as he may think fit. The said clause also provides that an assessee shall be deemed to be an assessee in default, if the tax arrear is not paid within the specified time. The said clause also provides that the tax arrear may be recovered by the Assessing O .....

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one or more of the modes referred to in clause 32 of this Bill or in the Second Schedule to the Income-tax Act. Clause 32.-inter alia, seeks to provide for the modes of recovery of tax dues by the Assessing Officer or the Tax Recovery Officer. The recovery of tax arrear can be made through employer, debtor or by applying to the Court which has custody over the money belonging to the assessee. Clause 33.-relating to the Tax Recovery Officer by whom recovery of tax dues is to be effective, inter .....

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clause 31 is not able to recover the tax arrears, he may send a certificate to another Tax Recovery Officer within whose jurisdiction the assessee resides or has property and then such Tax Recovery Officer shall assume jurisdiction for recovery of tax arrears. Clause 34.-relating to recovery of tax dues in case of a company in liquidation, inter alia, seeks to provide that the liquidator shall inform the concerned Assessing Officer, of his appointment within a period of thirty days and thereaft .....

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assets of the company remaining after payment of the workmen s dues and debts due to secured creditors to the extent specified. Clause 35.-relates to liability of manager of a company and, inter alia, provides that every person being a manager at any time during the financial year shall be jointly and severally liable for the payment of any amount due under this Act in respect of the company for the financial year, if the amount cannot be recovered from the company. These provisions shall not ap .....

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ing the financial year, or the representative assessee of the deceased participant, shall be jointly and severally liable, along with the unincorporated body, for payment of any amount payable by the unincorporated body under this Act. The said clause further provides that in case of a limited liability partnership, these provisions shall not apply, if the partner proves that non-recovery cannot be attributed to any neglect, misfeasance or breach of duty on his part in relation to the affairs of .....

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38.-relates to recovery of tax dues in pursuance of agreements with foreign countries or specified territories. It seeks to, inter alia, provide for procedure to be followed by the Board and the Tax Recovery Officer for recovery of tax in this regard. Clause 39.-relates to recovery by suit or under other law not affected. It, inter alia, seeks to provide that the several modes of recovery specified in this Chapter shall not affect in any way any other law for the time being in force relating to .....

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s not been furnished under the said sub-section, interest shall be chargeable in accordance with the provisions of section 234A of the Income-tax Act. It further provides that 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 section 234B and 234C of the Income-tax Act. Clause 41.-relate .....

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rovide that if a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who is required to furnish a return of his income for any previous year, as required under subsection (1) of section 139 of the Income-tax Act or by the provisos to that sub-section, and who at any time during such previous year, held any asset (including financial interest in any entity) located outside India as a beneficial owner or otherwis .....

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ed a value equivalent to five hundred thousand rupees at any time during the previous year. It also provides for determining the value equivalent in rupees of the balance in an account maintained in foreign currency. Clause 43.-relates to 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. This clause seeks to provide that if any person, being a resident other than .....

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e was a beneficiary, or relating to any income from a source located outside India, at any time during such previous year, the Assessing Officer may direct that such person shall pay a penalty of ten lakh rupees. The said clause further provides that no penalty shall be levied in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year. Clause 44.-relates to penal .....

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tax. Clause 45.-relates to penalty for other defaults. This clause seeks to, inter alia, provide that a person shall be liable to a penalty if he has, without reasonable cause committed the defaults that have been listed therein. The said clause also provides that the minimum penalty for the defaults listed therein shall be fifty thousand rupees and maximum penalty shall be of two lakh rupees. Clause 46.-deals with procedure for imposition of penalties. It, inter alia, provides that the specifi .....

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the time limit for passing the penalty orders. It further provides that in computing that period of limitation, certain specified time periods shall be excluded. It also provides that an order imposing or dropping the proceedings for imposition of penalty may be revised or revived on the basis of assessment of the undisclosed foreign income and asset as revised after giving effect to the Appellate Order or the order of revision under clause 23 or clause 24. Clause 48.-provides that Chapter IV sh .....

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inter alia, provide that if a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who at any time during the previous year, held any asset (including financial interest in any entity) located outside India as a beneficial owner or otherwise, or was a beneficiary of such asset or had income from a source outside India and wilfully fails to furnish in due time the return of income which he is required to furnish .....

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de India. It seeks to provide that if any person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who has furnished the return of income for any previous year under sub-section (1) or sub-section (4) or subsection (5) of section 139 of that Act, wilfully fails to furnish in such return any information relating to an asset (including financial interest in any entity) located outside India, held by him, as a benefici .....

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e (6) of section 6 of the Income-tax Act, wilfully attempts in any manner whatsoever to evade any tax, penalty or interest chargeable or imposable under this Act, he shall be punishable with rigorous imprisonment for a term which shall not be less than three years but which may extend to ten years and with fine. The said clause further provides that if a person wilfully attempts to evade the payment of any tax, penalty or interest, he shall be punishable with rigorous imprisonment for a term whi .....

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to be false, or does not believe to be true, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine. Clause 53.-relates to punishment for abetment. This clause seeks to provide that if a person abets or induces in any manner another person to make and deliver an account or a statement or declaration relating to any tax payable under this Act which is false and which he either knows to be false or doe .....

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l state. However, the said clause also provides that it shall be a defence for the accused to prove the fact that he had no such mental state with respect to the act charged as an offence in that prosecution. The said clause further provides that a fact is said to be proved only when the court believes it to exist beyond reasonable doubt and not merely when its existence is established by a preponderance of probability. The said clause also defines the term culpable mental state . Clause 55.-pro .....

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ssioner may issue such instructions, or directions, to such Principal Commissioner or Commissioner or Commissioner (Appeals) as he may think fit for the institution of proceedings under this clause. Clause 56.-relates to offences by companies. In respect of any such offence, this clause seeks to provide that the company as well as every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company as well a .....

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as been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. It also provides that where an offence under this Act has been committed by a company, and the punishment for such offence is imprisonment and fine, then, the c .....

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n of any person for an offence under this Chapter V. The said clause further provides that the entries may be proved by the production of the records or other documents (containing such entries) which are in the custody of the tax authority or by the production of a copy of the entries certified by that authority under its signature, as true copy of the original entries. Clause 58.-relates to punishment for second and subsequent offences. This clause seeks to provide that if any person convicted .....

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rson may, on or after the date of commencement of this Act but on or before a date to be notified by the Central Government in the Official Gazette, make a declaration in respect of any undisclosed asset located outside India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on 1st day of April, 2016 which has escaped assessment by reason of the omission or failure on the part of such person to make a return under t .....

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t. Clause 61.-relates to penalty. This clause seeks to provide that notwithstanding anything contained in the Income-tax Act or in any Finance Act, the person making a declaration of undisclosed asset located outside India shall, in addition to tax charged under clause 60, be liable to penalty at the rate of one hundred percent of such tax. Clause 62.-relates to manner of declaration. This clause seeks to provide that a declaration under clause 59 shall be made to the Principal Commissioner or t .....

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the asset of such other person, and any such other declaration, if made, shall be deemed to be void. Clause 63.-relates to time for payment of tax. It seeks to provide that the tax payable under clause 60 and penalty payable under clause 61 in respect of the undisclosed asset located outside India, shall be paid on or before a date to be notified by the Central Government in the Official Gazette. The said clause further provides that the declarant shall file the proof of payment of tax and penal .....

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ny assessment year under the Income-tax Act, if the declarant makes the payment of tax referred to in clause 60 and the penalty referred to in clause 61 by the notified date. Clause 65.-provides that the declarant shall not be entitled, in respect of undisclosed asset located outside India declared or any amount of tax paid thereon, to reopen any assessment or reassessment made under the Income-tax Act or the Wealth-tax Act, 1957 or claim any set off or relief in any appeal, reference or other p .....

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lating to imposition of penalty, other than the penalty leviable under clause 61, or for the purposes of prosecution under the Income-tax Act or the Wealth-tax Act, 1957 or the Foreign Exchange Management Act, 1999 or the Companies Act, 2013 or the Customs Act, 1962. Clause 68.-relates to declaration by misrepresentation of facts to be void. The said clause seeks to provide that where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be void and sha .....

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assessment year commencing on or before the 1st April, 2015; or which have not been shown or their value has been understated in the return of net wealth for the said assessment year or years, then, notwithstanding anything contained in the Wealth-tax Act, 1957 or any rules made thereunder, then such asset shall not be included in his net wealth for the said assessment year or years and no wealth tax shall be payable by the declarant in respect of such assets. It further provides that where the .....

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f the firm or in determining the value of the interest of any partner in the firm. It also provides that the above exemption from wealth tax is applicable only in a case where conditions specified in clause 63 are fulfilled by the declarant. Clause 70.-relates to applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act. The said clause seeks to provide that the provisions of Chapter XV of the Income-tax Act relating to liability in special cases and of section 189 .....

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72.-relates to removal of doubts. The said clause seeks to clarify that- (a) except as provided in the Explanation to sub-clause (1) of clause 69, nothing contained in Chapter VI shall be construed as conferring any benefit, concession or immunity on any person other than the person making the declaration therein; (b) where any declaration has been made under clause 59 but no tax and penalty has been paid within the time specified under clause 60 and clause 61, the value of such asset shall be c .....

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tories. The said clause, inter alia, seeks to provide that the Central Government may enter into an agreement with the Government of any other country or specified territory for exchange of information for the prevention of evasion or avoidance of tax on undisclosed foreign income chargeable under this Act or under the corresponding law in force in that country, or investigation of cases of such evasion or avoidance; for recovery of tax under this Act and under the corresponding law in force in .....

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s to provide for the manner of service of any notice, summons, requisition, order etc. under this Act. Clause 75.-relates to authentication of notices and other documents. The said clause seeks to provide the manner of authentication of a notice or any other document required to be issued or served or given for the purposes of this Act. Clause 76.-relates to notice deemed to be valid in certain circumstances. The said clause seeks to provide that a notice would be deemed to be duly served if the .....

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where he is required to attend personally. Clause 78.-relates to appearance by authorised representative. The said clause, inter alia, seeks to provide that any assessee entitled or required to attend before any tax authority or the Appellate Tribunal, in connection with any proceeding under this Act, may attend through an authorised representative except where he is required to attend personally. The said clause further seeks to provide the meaning of authorised representative and persons not q .....

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ll be such as may be prescribed. Clause 80.-relates to congnizance of offences. The said clause seeks to provide that no court inferior to that of a metropolitan magistrate or a magistrate of the First Class shall try any offence under this Act. Clause 81.-relates to assessment not to be invalid on certain grounds. The said clause seeks to provide that no assessment, notice, summons or other proceedings, made or issued or taken or purported to have been made or issued or taken in pursuance of an .....

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any proceeding taken or order made under this Act. The said clause further provides that no prosecution, suit or other proceeding shall lie against the Government or any officer of the Government, for anything in good faith done or intended to be done, under this Act. Clause 83.-relates to Income-tax papers to be available for purposes of this Act. The said clause seeks to provide that notwithstanding anything contained in the Income-tax Act, all information contained in any statement or return .....

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eks to empower the Board to make rules for carrying out the provisions of this Act, subject to the approval of the Central Government. The said clause seeks to provide, inter alia, the form in which appeals under clause 15 or clause 18 may be filed and the manner in which they may be verified; the procedure to be followed on applications for rectification of mistakes and application for refunds; the fee payable in respect of any reference or appeal; and any other matter which by this Act is to b .....

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f this Act, the Central Government may, by an order, remove the difficulty. However, no such order shall be made after the expiry of a period of two years from the date on which the provisions of this Act come into force. The said clause further provides that every order made under this clause shall be laid before each House of Parliament. 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 section 2 of the Central Boards of .....

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RANDUM This Bill seeks to make provision for taxation of undisclosed income from a source, or the value of an undisclosed asset, located outside India. The Bill is proposed to be administered by the Central Board of Direct Taxes. Thus no significant additional expenditure is contemplated on the enactment of the Bill. MEMORANDUM REGARDING DELEGATED LEGISLATION Sub-clause (2) of clause 3 of the Bill seeks to provide that value of an undisclosed asset means the fair market value of an asset (includ .....

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b-clause (1) or sub-clause (2) of the said clause may, subject to the rules made in this behalf, impound any books of account or other documents produced before it and retain them in its custody for such period as it thinks fit. 3. Sub-clause (1) of clause 13 of the Bill seeks to provide that any sum payable in consequence of any order made under this Act shall be demanded by a tax authority by serving upon the assessee a notice of demand in such form and manner as may be prescribed. 4. Sub-clau .....

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of the said clause by the other party may, notwithstanding that he may not have appealed against such order or any part thereof, within thirty days of the receipt of the notice, file a memorandum of cross-objections, verified in the prescribed manner, against any part of the order of the Commissioner (Appeals), and such memorandum shall be disposed of by the Appellate Tribunal as if it were an appeal presented within the time specified in sub-clause (3). Sub-clause (6) of the said clause of the .....

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lause (1) of clause 30 of the Bill seeks to provide that any amount specified as payable in a notice of demand under clause 13 shall be paid within a period of thirty days of the service of the notice, to the credit of the Central Government in such manner as may be prescribed. 8. Sub-clause (1) of clause 31 of the Bill seeks to provide that the Tax Recovery Officer may draw up under his signature a statement of tax arrears of an assessee referred to in subclause (4) or sub-clause (5) of clause .....

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Officer under sub-clause (4) of the said clause, the debtor of the assessee shall comply with the requisition and shall pay the sum to the credit of the Central Government in such manner as may be prescribed within the time (not being before the debt becomes due to the assessee) specified in the notice. 10. Sub-clause (2) of clause 33 of the Bill seeks to provide that, in certain conditions as specified therein, the Tax Recovery Officer, referred to in sub-clause (1) of the said clause, may sen .....

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escribed. 12. Sub-clause (1) of clause 74 of the Bill seeks to provide that the service of any notice, summons, requisition, order or any other communication under the Act (herein referred to this clause referred to as communication ) may be made by delivering or transmitting a copy thereof, to the person named therein by any other means of transmission of documents, including fax message or electronic mail message, as may be prescribed. 13. Clause 77 of the Bill seeks to provide that a valuer m .....

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riting to appear on his behalf, being any person who has acquired such educational qualifications as may be prescribed. Sub-clause (4) of the said clause provide that a person, not being a legal practitioner or an accountant, who is found guilty of misconduct in any tax proceedings by such authority as may be prescribed shall not be qualified to represent an assessee under subclause (1) of the said clause. 15. Sub-clause (1) of clause 79 of the Bill seeks to provide that the amount of undisclose .....

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