Act Number: 22

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

Year: 2015

Enactment Date: 2015-05-26

Long Title: 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: Ministry of Finance

Department: Department of Revenue

Section 40: Interest for default in furnishing return and payment or deferment of advance tax.
    (1) Where the assessee has any income from a source outside India which has not been disclosed in the return of income furnished under sub-section (1) of section 139of the Income-tax Act or the return of income has not been furnished under the said sub-section, interest shall be chargeable in accordance with the provisions of section 234A of the Income-tax Act.
     (2) Where the assessee has any undisclosed income from a source outside India and the advance tax on such income has not been paid in accordance with Part C of Chapter XVII of the Income-tax Act, interest shall be chargeable in accordance with the provisions of sections 234B and 234C of the Income-tax Act.
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