Section 14 – Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

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

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 located outside India is receivable or undisclosed asset located 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.

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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.…

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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;…

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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,…

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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…

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