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].