Section 41 – 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

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 shall pay by way of penalty, in addition to tax, if any, payable by him, a sum equal to three times the tax computed under that section.

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Section 1 – Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

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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.…

Section 2 – 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;…

Section 3 – Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

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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,…

Section 4 – Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

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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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