Act 22 of 2015

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

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.

  • Ministry of Finance
  • Department of Revenue
  • Enacted 2015-05-26
  • 88 sections
SectionTitle
1 Short title, extent and commencement. RepealedRead
2 Definitions. RepealedRead
3 Charge of tax. RepealedRead
4 Scope of total undisclosed foreign income and asset. RepealedRead
5 Computation of total undisclosed foreign income and asset. RepealedRead
6 Tax authorities. RepealedRead
7 Change of incumbent. RepealedRead
8 Powers regarding discovery and production of evidence. RepealedRead
9 Proceedings before tax authorities to be judicial proceedings. RepealedRead
10 Assessment. RepealedRead
11 Time limit for completion of assessment and reassessment. RepealedRead
12 Rectification of mistake. RepealedRead
13 Notice of demand. RepealedRead
14 Direct assessment or recovery not barred. RepealedRead
15 Appeals to the Commissioner (Appeals). RepealedRead
16 Procedure to be followed in appeal. RepealedRead
17 Powers of Commissioner (Appeals). RepealedRead
18 Appeals to Appellate Tribunal. RepealedRead
19 Appeal to High Court. RepealedRead
20 Case before High Court to be heard by not less than two Judges. RepealedRead
21 Appeal to Supreme Court. RepealedRead
22 Hearing before Supreme Court. RepealedRead
23 Revision of orders prejudicial to revenue. RepealedRead
24 Revision of other orders. RepealedRead
25 Tax to be paid pending appeal. RepealedRead
26 Execution of order for costs awarded by Supreme Court. RepealedRead
27 Amendment of assessment on appeal. RepealedRead
28 Exclusion of time taken for obtaining copy. RepealedRead
29 Filing of appeal by tax authority. RepealedRead
30 Recovery of tax dues by Assessing Officer. RepealedRead
31 Recovery of tax dues by Tax Recovery Officer. RepealedRead
32 Modes of recovery of tax dues. RepealedRead
33 Tax Recovery Officer by whom recovery of tax dues is to be effected. RepealedRead
34 Recovery of tax dues in case of a company in liquidation. RepealedRead
35 Liability of manager of a company. RepealedRead
36 Joint and several liability of participants. RepealedRead
37 Recovery through State Government. RepealedRead
38 Recovery of tax dues in pursuance of agreements with foreign countries or specified territory. RepealedRead
39 Recovery by suit or under other law not affected. RepealedRead
40 Interest for default in furnishing return and payment or deferment of advance tax. RepealedRead
41 Penalty in relation to undisclosed foreign income and asset. RepealedRead
42 Penalty for failure to furnish return in relation to foreign income and asset. RepealedRead
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. RepealedRead
44 Penalty for default in payment of tax arrear. RepealedRead
45 Penalty for other defaults. RepealedRead
46 Procedure. RepealedRead
47 Bar of limitation for imposing penalty. RepealedRead
48 Chapter not in derogation of any other law or any other provision of this Act. RepealedRead
49 Punishment for failure to furnish return in relation to foreign income and asset. RepealedRead
50 Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India. RepealedRead
51 Punishment for wilful attempt to evade tax. RepealedRead
52 Punishment for false statement in verification. RepealedRead
53 Punishment for abetment. RepealedRead
54 Presumption as to culpable mental state. RepealedRead
55 Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner. RepealedRead
56 Offences by companies. RepealedRead
57 Proof of entries in records of documents. RepealedRead
58 Punishment for second and subsequent offences. RepealedRead
59 Declaration of undisclosed foreign asset. RepealedRead
60 Charge of tax. RepealedRead
61 Penalty. RepealedRead
62 Manner of declaration. RepealedRead
63 Time for payment of tax. RepealedRead
64 Undisclosed foreign asset declared not to be included in total income. RepealedRead
65 Undisclosed foreign asset declared not to affect finality of completed assessments. RepealedRead
66 Tax in respect of voluntarily disclosed asset not refundable. RepealedRead
67 Declaration not admissible in evidence against declarant. RepealedRead
68 Declaration by misrepresentation of facts to be void. RepealedRead
69 Exemption from wealth-tax in respect of assets specified in declaration. RepealedRead
70 Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act. RepealedRead
71 Chapter not to apply to certain persons. RepealedRead
72 Removal of doubts. RepealedRead
73 Agreement with foreign countries or specified territories. RepealedRead
74 Service of notice generally. RepealedRead
75 Authentication of notices and other documents. RepealedRead
76 Notice deemed to be valid in certain circumstances. RepealedRead
77 Appearance by approved valuer in certain matters. RepealedRead
78 Appearance by authorised representative. RepealedRead
79 Rounding off of income, value of asset and tax. RepealedRead
80 Congnizance of offences. RepealedRead
81 Assessment not to be invalid on certain grounds. RepealedRead
82 Bar of suits in civil courts. RepealedRead
83 Income-tax papers to be available for purposes of this Act. RepealedRead
84 Application of provisions of Income-tax Act. RepealedRead
85 Power to make rules. RepealedRead
86 Power to remove difficulties. RepealedRead
87 Amendment of section 2 of Act 54 of 1963. RepealedRead
88 Amendment of Act of 15 of 2003. RepealedRead
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