July 2024

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 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 on […]

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 for the purposes of section 196 of the Indian Penal Code (45 of 1860). (2) Every tax authority shall

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, 1908 (5 of 1908), while trying a suit in respect of the following matters, namely:— (a) discovery and inspection; (b)

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 stage at which it was left by his predecessor. (2) The assessee in such a case may be given an opportunity of being heard, if he

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 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

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 any expenditure or allowance or set off of any loss shall be allowed to the assessee, whether or not it is allowable in accordance

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 from a source located outside India, which has not been disclosed in the return of income furnished within the time

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 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

Definitions In this Act, unless the context otherwise requires,—    (1) “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income-tax Act; 2[(2) “assessee” means a person,—  (a) being a resident in India within the meaning of section 6 of the Income-tax Act, 1961 (43 of 1961) in the previous year; or

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. (3) Save as otherwise provided in this Act, it shall come into force on the 1[1st day of July, 2015].