The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act
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.2015
List of Chapters & Sections
PRELIMINARY
BASIS OF CHARGE
TAX MANAGEMENT
PENALTIES
OFFENCES AND PROSECUTIONS
TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS
GENERAL PROVISIONS
PRELIMINARY
BASIS OF CHARGE
TAX MANAGEMENT
6Tax authorities7Change of incumbent8Powers regarding discovery and production of evidence9Proceedings before tax authorities to be judicial proceedings10Assessment11Time limit for completion of assessment and reassessment12Rectification of mistake13Notice of demand14Direct assessment or recovery not barred15Appeals to the Commissioner (Appeals)16Procedure to be followed in appeal17Powers of Commissioner (Appeals)18Appeals to Appellate Tribunal19Appeal to High Court20Case before High Court to be heard by not less than two Judges21Appeal to Supreme Court22Hearing before Supreme Court23Revision of orders prejudicial to revenue24Revision of other orders25Tax to be paid pending appeal26Execution of order for costs awarded by Supreme Court27Amendment of assessment on appeal28Exclusion of time taken for obtaining copy29Filing of appeal by tax authority30Recovery of tax dues by Assessing Officer31Recovery of tax dues by Tax Recovery Officer32Modes of recovery of tax dues33Tax Recovery Officer by whom recovery of tax dues is to be effected34Recovery of tax dues in case of a company in liquidation35Liability of manager of a company36Joint and several liability of participants37Recovery through State Government38Recovery of tax dues in pursuance of agreements with foreign countries or specified territory39Recovery by suit or under other law not affected40Interest for default in furnishing return and payment or deferment of advance taxPENALTIES
41Penalty in relation to undisclosed foreign income and asset42Penalty for failure to furnish return in relation to foreign income and asset43Penalty 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 India44Penalty for default in payment of tax arrear45Penalty for other defaults46Procedure47Bar of limitation for imposing penaltyOFFENCES AND PROSECUTIONS
48Chapter not in derogation of any other law or any other provision of this Act49Punishment for failure to furnish return in relation to foreign income and asset50Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India51Punishment for wilful attempt to evade tax52Punishment for false statement in verification53Punishment for abetment54Presumption as to culpable mental state55Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner56Offences by companies57Proof of entries in records of documents58Punishment for second and subsequent offencesTAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS
59Declaration of undisclosed foreign asset60Charge of tax61Penalty62Manner of declaration63Time for payment of tax64Undisclosed foreign asset declared not to be included in total income65Undisclosed foreign asset declared not to affect finality of completed assessments66Tax in respect of voluntarily disclosed asset not refundable67Declaration not admissible in evidence against declarant68Declaration by misrepresentation of facts to be void69Exemption from wealth-tax in respect of assets specified in declaration70Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act71Chapter not to apply to certain persons72Removal of doubtsGENERAL PROVISIONS
73Agreement with foreign countries or specified territories74Service of notice generally75Authentication of notices and other documents76Notice deemed to be valid in certain circumstances77Appearance by approved valuer in certain matters78Appearance by authorised representative79Rounding off of income, value of asset and tax80Congnizance of offences81Assessment not to be invalid on certain grounds82Bar of suits in civil courts83Income-tax papers to be available for purposes of this Act84Application of provisions of Income-tax Act85Power to make rules86Power to remove difficulties87Amendment of section 2 of Act 54 of 196388Amendment of Act of 15 of 2003