Sections Particulars
Preamble
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 inco...
Chapter I Preliminary
1 Short title, extent and commencement
1.     This Act may be called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.2.     It extends to the whole of India...
2 Definitions
In this Act, unless the context otherwise requires,—1.     “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income-tax ...
Chapter II Basis of Charge
3 Charge of tax
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 thi...
4 Scope of total undisclosed foreign income and asset
1.     Subject to the provisions of this Act, the total undisclosed foreign income and asset of any previous year of an assessee shall be,—a.     the income f...
5 Computation of total undisclosed foreign income and asset
1.     In computing the total undisclosed foreign income and asset of any previous year of an assessee,—              i.        no deduction in respect of ...
Chapter III Tax Management
6 Tax Authorities
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 a...
7 Change of incumbent
1.     The tax authority who succeeds another authority as a result of change in jurisdiction or for any other reason, shall continue the proceedings from the...
8 Powers regarding discovery and production of evidence
1.     The prescribed tax authorities shall, for the purposes of this Act, have the same powers as are vested in a court under the Code of Civil Procedure, 19...
9 Proceedings before tax authorities to be judicial proceedings
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 ...
10 Assessment
1.     For the purposes of making an assessment or reassessment under this Act, the Assessing Officer may, on receipt of an information from an income-tax aut...
11 Time limit for completion of assessment and reassessment
1.     No order of assessment or reassessment shall be made under section 10 after the expiry of two years from the end of the financial year in which the not...
12 Rectification of mistake
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 s...
13 Notice of demand
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 f...
14 Direct assessment or recovery not barred
Nothing in this Chapter shall prevent either the direct assessment of the person on whose behalf or for whose benefit the undisclosed income from a source loc...
15 Appeals to the Commissioner (Appeals)
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.   ...
16 Procedure to be followed in appeal
1.     The Commissioner (Appeals) shall fix a date and place for the hearing of the appeal, and shall give notice of the same to the appellant and the Assessi...
17 Powers of Commissioner (Appeals)
1.     In disposing of an appeal, the Commissioner (Appeals) shall have the following powers, namely:—a.     in an appeal against an order of assessment, he m...
18 Appeals to Appellate Tribunal
1.     Any assessee aggrieved by an order passed by the Commissioner (Appeals) under section 15, or an order passed by the Principal Commissioner or the Commi...
19 Appeal to High Court
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 involve...
20 Case before High Court to be heard by not less than two Judges
1.     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 t...
21 Appeal to Supreme Court
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 a...
22 Hearing before Supreme Court
1.     The provisions of the Code of Civil Procedure, 1908, relating to appeals to the Supreme Court shall, so far as may be, apply in the case of appeals und...
23 Revision of orders prejudicial to revenue
1.     The Principal Commissioner or the Commissioner may, for the purposes of revising any order passed in any proceeding under this Act before any tax autho...
24 Revision of other orders
1.     The Principal Commissioner or the Commissioner may, either suo motu or on an application made by the assessee, for the purposes of revising any order p...
25 Tax to be paid pending appeal
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....
26 Execution of order for costs awarded by Supreme Court
The High Court may, on petition made for the execution of the order in respect of the costs awarded by the Supreme Court, transmit such order for execution to...
27 Amendment of assessment on appeal
Where as a result of an appeal under section 15 or section 18, any change is made in the assessment of a body of individuals or an association of persons or a...
28 Exclusion of time taken for obtaining copy
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 ...
29 Filing of appeal by tax authority
1.     The Board may, from time to time, issue orders, instructions or directions to other tax authorities, fixing such monetary limits as it may deem fit, fo...
30 Recovery of tax dues by Assessing Officer
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 th...
31 Recovery of tax dues by Tax Recovery Officer
1.     The Tax 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...
32 Modes of recovery of tax dues
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...
33 Tax Recovery Officer by whom recovery of tax dues is to be affected
1.     The Tax Recovery Officer competent to take action under section 31 shall be the Tax Recovery Officer —a.     within whose jurisdiction —              ...
34 Recovery of tax dues in case of a company in liquidation
1.     The liquidator shall inform the Assessing Officer, who has jurisdiction to assess the undisclosed foreign income and asset of the company, of his appoi...
35 Liability of manager of a company
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 A...
36 Joint and several liability of participants
1.     Every person, being a participant in an unincorporated body at any time during the financial year, or the representative assessee of the deceased parti...
37 Recovery through State Government
If the recovery of tax in any area has been entrusted to a State Government under clause (1) of article 258 of the Constitution, the State Government may dire...
38 Recovery of tax dues in pursuance of agreements with foreign countries or specified territory
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 th...
39 Recovery by suit or under other law not affected
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 re...
40 Interest for default in furnishing return and payment or deferment of advance tax
1.     Where the assessee has any income from a source outside India which has not been disclosed in the return of income furnished under sub-section (1) of s...
Chapter IV Penalties
41 Penalty in relation to undisclosed foreign income and asset
The Assessing Officer may direct that in a case where tax has been computed under section 10 in respect of undisclosed foreign income and asset, the assessee ...
42 Penalty for failure to furnish return in relation to foreign income and asset
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...
43 Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India
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 furni...
44 Penalty for default in payment of tax arrears
1.     Every person who is an assessee in default, or an assessee deemed to be in default, as the case may be, in making payment of tax, and in case of contin...
45 Penalty for other defaults
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 ex...
46 Procedure
1.     The tax authority shall, for the purposes of imposing any penalty under this Chapter, issue a notice to an assessee requiring him to show cause why the...
47 Bar of limitation for imposing penalty
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...
Chapter V Offences and Prosecutions
48 Chapter not in derogation of any other law or any other provision of this Act
1.     The provisions of this Chapter shall be in addition to, and not in derogation of, the provisions of any other law providing for prosecution for offence...
49 Punishment for failure to furnish return in relation to foreign income and asset
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...
50 Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India
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 furni...
51 Punishment for willful attempt to evade tax
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...
52 Punishment for false statement in verification
If a person, makes a statement in any verification under this Act or under any rule made thereunder, or delivers an account or statement which is false, and ...
53 Punishment for abetment
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 ...
54 Presumption as to culpable mental state
1.     In any prosecution for any offence under this Act which requires a culpable mental state on the part of the accused, the court shall presume the exist...
55 Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner
1.     A person shall not be proceeded against for an offence under section 49 to section 53 (both inclusive) except with the sanction of the Principal Commis...
56 Offences by companies
1.     Where an offence under this Act has been committed by a company, every person who, at the time the offence was committed, was in charge of, and was res...
57 Proof of entries in records or documents
1.     The entries in the records, or other documents, in the custody of a tax authority shall be admitted in evidence in any proceeding for the prosecution o...
58 Punishment for second and subsequent offences
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,...
Chapter VI Tax Compliance for Undisclosed Foreign Income and Assets
59 Declaration of undisclosed foreign asset
Subject to the provisions of this Chapter, any person may make, on or after the date of commencement of this Act but on or before a date to be notified by the...
60 Charge of tax
Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the undisclosed asset located outside India and declared under section 59 with...
61 Penalty
Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the person making a declaration of undisclosed asset located outside India sha...
62 Manner of declaration
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 verified in such ...
63 Time for payment of tax
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 be...
64 Undisclosed foreign asset declared not to be included in total income
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...
65 Undisclosed foreign asset declared not to affect finality of completed assessments
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 assessme...
66 Tax in respect of voluntarily disclosed asset not refundable
Any amount of tax paid under section 60 or penalty paid under section 61 in pursuance of a declaration made under section 59 shall not be refundable....
67 Declaration not admissible in evidence against declarant
Notwithstanding anything contained in any other law for the time being in force, nothing contained in any declaration made under section 59 shall be admissibl...
68 Declaration by misrepresentation of facts to be void
Notwithstanding anything contained in this Chapter, where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be ...
69 Exemption from wealth-tax in respect of assets specified in declaration
1.     Where the undisclosed asset located outside India is represented by cash (including bank deposits), bullion or any other assets specified in the declar...
70 Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act
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...
71 Chapter not to apply to certain persons
The provisions of this Chapter shall not apply—a.     to any person in respect of whom an order of detention has been made under the Conservation of Foreign...
72 Removal of doubts
For the removal of doubts, it is hereby declared that—a.     save as otherwise expressly provided in the Explanation to sub-section (1) of section 69, nothing...
Chapter VII General Provisions
73 Agreement with foreign countries or specified territories
1.     The Central Government may enter into an agreement with the Government of any other country—a.     for exchange of information for the prevention of e...
74 Service of notice generally
1.     The service of any notice, summons, requisition, order or any other communication under this Act (herein referred to in this section as “communication”...
75 Authentication of notices and other documents
1.     A notice or any other document required to be issued, served or given for the purposes of this Act by any tax authority shall be authenticated by that ...
76 Notice deemed to be valid in certain circumstances
1.     A notice which is required to be served upon a person for the purposes of assessment under this Act shall be deemed to have been duly served upon him i...
77 Appearance by approved valuer in certain matters
1.     Any assessee who is entitled or required to attend before any tax authority or the Appellate Tribunal, in connection with any matter relating to the va...
78 Appearance by authorized representative
1.     Any assessee who is entitled or required to attend before any tax authority or the Appellate Tribunal, in connection with any proceeding under this Act...
79 Rounding off of income, value of asset and tax
1.     The amount of undisclosed foreign income and asset computed in accordance with this Act shall be rounded off to the nearest multiple of one hundred rup...
80 Congnizance of offences
No court inferior to that of a metropolitan magistrate or a magistrate of the First Class shall try any offence under this Act....
81 Assessment not to be invalid on certain grounds
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 pro...
82 Bar of suits in civil courts
1.     No suit shall be brought in any civil court to set aside or modify any proceeding taken or order made under this Act.2.     No prosecution, suit or ot...
83 Income-tax papers to be available for purposes of this Act
Notwithstanding anything contained in the Income-tax Act, all information contained in any statement or return made or furnished under the provisions of that ...
84 Application of provisions of Income - tax Actd
The provisions of clauses (c) and (d) of sub-section (1) of section 90, clauses (c) and (d) of sub-section (1) of section 90A, sections 119, 133, 134, 135, 13...
85 Power to make rules
1.     The Board may, subject to the approval of the Central Government, by notification in the Official Gazette, make rules for carrying out the provisions o...
86 Power to remove difficulties
1.     If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, not inconsistent with the provisions of...
87 Amendment of section 2 of Act 54 of 1963
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 omi...
88 Amendment of Act of 15 of 2003
In the Prevention of Money-laundering Act, 2002, in the Schedule, in Part C, after entry (3), relating to the offences against property under Chapter XVII of ...
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