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

ACT NO. 22 OF 2015

PREAMBLE

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 the imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.

ARRANGEMENT OF SECTIONS

CHAPTER I
PRELIMINARY SECTIONS

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

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

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