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

Central

An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.

Act number
22 of 2015
Ministry
Ministry of Finance
Department
Department of Revenue
Enacted
26 May 2015

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

88 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions.
  3. Section 3Charge of tax.
  4. Section 4Scope of total undisclosed foreign income and asset.
  5. Section 5Computation of total undisclosed foreign income and asset.
  6. Section 6Tax authorities.
  7. Section 7Change of incumbent.
  8. Section 8Powers regarding discovery and production of evidence.
  9. Section 9Proceedings before tax authorities to be judicial proceedings.
  10. Section 10Assessment.
  11. Section 11Time limit for completion of assessment and reassessment.
  12. Section 12Rectification of mistake.
  13. Section 13Notice of demand.
  14. Section 14Direct assessment or recovery not barred.
  15. Section 15Appeals to the Commissioner (Appeals).
  16. Section 16Procedure to be followed in appeal.
  17. Section 17Powers of Commissioner (Appeals).
  18. Section 18Appeals to Appellate Tribunal.
  19. Section 19Appeal to High Court.
  20. Section 20Case before High Court to be heard by not less than two Judges.
  21. Section 21Appeal to Supreme Court.
  22. Section 22Hearing before Supreme Court.
  23. Section 23Revision of orders prejudicial to revenue.
  24. Section 24Revision of other orders.
  25. Section 25Tax to be paid pending appeal.
  26. Section 26Execution of order for costs awarded by Supreme Court.
  27. Section 27Amendment of assessment on appeal.
  28. Section 28Exclusion of time taken for obtaining copy.
  29. Section 29Filing of appeal by tax authority.
  30. Section 30Recovery of tax dues by Assessing Officer.
  31. Section 31Recovery of tax dues by Tax Recovery Officer.
  32. Section 32Modes of recovery of tax dues.
  33. Section 33Tax Recovery Officer by whom recovery of tax dues is to be effected.
  34. Section 34Recovery of tax dues in case of a company in liquidation.
  35. Section 35Liability of manager of a company.
  36. Section 36Joint and several liability of participants.
  37. Section 37Recovery through State Government.
  38. Section 38Recovery of tax dues in pursuance of agreements with foreign countries or specified territory.
  39. Section 39Recovery by suit or under other law not affected.
  40. Section 40Interest for default in furnishing return and payment or deferment of advance tax.
  41. Section 41Penalty in relation to undisclosed foreign income and asset.
  42. Section 42Penalty for failure to furnish return in relation to foreign income and asset.
  43. Section 43Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India.
  44. Section 44Penalty for default in payment of tax arrear.
  45. Section 45Penalty for other defaults.
  46. Section 46Procedure.
  47. Section 47Bar of limitation for imposing penalty.
  48. Section 48Chapter not in derogation of any other law or any other provision of this Act.
  49. Section 49Punishment for failure to furnish return in relation to foreign income and asset.
  50. Section 50Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India.
  51. Section 51Punishment for wilful attempt to evade tax.
  52. Section 52Punishment for false statement in verification.
  53. Section 53Punishment for abetment.
  54. Section 54Presumption as to culpable mental state.
  55. Section 55Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner.
  56. Section 56Offences by companies.
  57. Section 57Proof of entries in records of documents.
  58. Section 58Punishment for second and subsequent offences.
  59. Section 59Declaration of undisclosed foreign asset.
  60. Section 60Charge of tax.
  61. Section 61Penalty.
  62. Section 62Manner of declaration.
  63. Section 63Time for payment of tax.
  64. Section 64Undisclosed foreign asset declared not to be included in total income.
  65. Section 65Undisclosed foreign asset declared not to affect finality of completed assessments.
  66. Section 66Tax in respect of voluntarily disclosed asset not refundable.
  67. Section 67Declaration not admissible in evidence against declarant.
  68. Section 68Declaration by misrepresentation of facts to be void.
  69. Section 69Exemption from wealth-tax in respect of assets specified in declaration.
  70. Section 70Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act.
  71. Section 71Chapter not to apply to certain persons.
  72. Section 72Removal of doubts.
  73. Section 73Agreement with foreign countries or specified territories.
  74. Section 74Service of notice generally.
  75. Section 75Authentication of notices and other documents.
  76. Section 76Notice deemed to be valid in certain circumstances.
  77. Section 77Appearance by approved valuer in certain matters.
  78. Section 78Appearance by authorised representative.
  79. Section 79Rounding off of income, value of asset and tax.
  80. Section 80Congnizance of offences.
  81. Section 81Assessment not to be invalid on certain grounds.
  82. Section 82Bar of suits in civil courts.
  83. Section 83Income-tax papers to be available for purposes of this Act.
  84. Section 84Application of provisions of Income-tax Act.
  85. Section 85Power to make rules.
  86. Section 86Power to remove difficulties.
  87. Section 87Amendment of section 2 of Act 54 of 1963.
  88. Section 88Amendment of Act of 15 of 2003.