Section 61 – 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 CA Bhuvnesh Goyal

Penalty

Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the person making a declaration of undisclosed asset located outside India shall, in addition to tax charged under section 60, be liable to penalty at the rate of one hundred per cent of such tax.

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Section 1 – 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 CA Bhuvnesh Goyal / July 31, 2024

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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

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 / By CA Bhuvnesh Goyal / July 31, 2024

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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

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 / By CA Bhuvnesh Goyal / July 31, 2024

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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

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 / By CA Bhuvnesh Goyal / July 31, 2024

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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…

Penalty

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