The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 — Bare Act, All Sections & Free PDF
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Overview
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.
Sections (Showing 1 to 10 of 88)
Section 1 to Section 10 (10 Sections)
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. (2) It extends to the whole of India. (3) Save as otherwise prov...
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; (2) "assessee" means...
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, subject to the provisions of this Act, a tax in respect of...
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 previous year of an assessee shall be,— (a) the income from a source located outsid...
Computation of total undisclosed foreign income and asset.
(1) In computing the total undisclosed foreign income and asset of any previous year of an assessee,— (i) no deduction in respect of any expenditure or allowance or set off of any ...
Tax authorities.
(1) The income-tax authorities specified in Section 116 of the Income-tax Act shall be the tax authorities for the purposes of this Act. (2) Every such authority shall exercise the...
Change of incumbent.
(1) The tax authority who succeeds another authority as a result of change in jurisdiction or for any other reason, shall continue the proceedings from the stage at which it was le...
Powers regarding discovery and production of evidence.
(1) The prescribed tax authorities shall, for the purposes of this Act, have the same powers as are vested in a court under the Code of Civil Procedure, 1908 (5 of 1908), while try...
Proceedings before tax authorities to be judicial proceedings.
(1) Any proceeding under this Act before a tax authority shall be deemed to be a judicial proceeding within the meaning of section 193 and section 228 and for the purposes of secti...
Assessment.
(1) For the purposes of making an assessment or reassessment under this Act, the Assessing Officer may, on receipt of an information from an income-tax authority under the Income-t...
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Disclaimer: This bare act is reproduced for general informational and reference purposes only and does not constitute legal advice. Always verify provisions against the latest official gazette and consult a qualified advocate before relying on any section.