Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

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 the Indian Penal Code (45 of 1860), the following entry shall be inserted, namely:— “(4) The offence of wilful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.”.

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 omitted; and (b) after item (ix) as so amended, the following item shall be inserted, namely:—  “(x) the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015; and”

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 this Act, remove the difficulty: Provided that 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. (2) Every order made under this section shall be laid before each House of Parliament.

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 of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters namely,— (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 section 13; (d) the form in which any appeal, revision or cross-objection may be filed under this Act, the manner in which they may be verified and the fee payable in respect thereof; (e) the form in which the Tax Recovery Officer may draw up the statement of tax arrears under sub-section (1) of section 31; (f) the manner in which the sum is to be paid to the credit of Central Government under sub-section (2) or sub-section (5) of section 32; (g) the manner in which the Tax Recovery Officer shall send a certificate referred to in sub-section (2) of section 33; (h) the form in which a declaration referred to in sub-section (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) the method of rounding off of the amount referred to in sub-section (1) or sub-section (2) of section 79; (n) any other matter which by this Act is to be, or may be, prescribed. (3) The power to make rules conferred by this section shall include the power to give retrospective effect to the rules or any of them from a date not earlier than the date of commencement of this Act and no retrospective effect shall be given to any rule so as to prejudicially affect the interest of assessees. (4) The Central 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 rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

Application of provisions of Income-tax Act 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, 9[138, 144A], Chapter XV and sections 237, 240, 245, 280, 280A, 280B, 280D, 281, 281B and 284 of the Income-tax Act shall apply with necessary modifications as if the said provisions refer to undisclosed foreign income and asset instead of to income-tax.

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 Act or obtained or collected for the purposes of the said Act may be used for the purposes of this Act.

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 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.

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 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 proceeding if such assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this Act.

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.

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 rupees. (2) Any amount payable or receivable by the assessee under this Act shall be rounded off to the nearest multiple of ten rupees. (3) The method of rounding off under sub-section (1) or sub-section (2), shall be such as may be prescribed.