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

Penalty in relation to undisclosed foreign income and asset

Penalty for failure to furnish return in relation to foreign income and asset

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

Penalty for default in payment of tax arrear

Penalty for other defaults

Procedure

Bar of limitation for imposing penalty


PENALTIES


The Assessing Officer may
direct that in a case where tax has been computed under section 10 in respect of undisclosed foreign
income and asset, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a
sum equal to three times the tax computed under that section. 

LAWGIST

# 41 Penalty in relation to undisclosed foreign income and asset