Advocate OS
Start free

In force

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

87 sections · As amended up to 2026-08

Sections

  1. 0Section 0
  2. I — PRELIMINARY
  3. 1Short title, extent and commencement
  4. 2Definitions
  5. 3Charge of tax
  6. 4Scope of total undisclosed foreign income and asset
  7. 5Computation of total undisclosed foreign income and asset
  8. III — TAX MANAGEMENT
  9. 6Tax authorities
  10. 7Change of incumbent
  11. 8Powers regarding discovery and production of evidence
  12. 9Proceedings before tax authorities to be judicial proceedings
  13. 10Assessment
  14. 11Time limit for completion of assessment and reassessment
  15. 12Rectification of mistake
  16. 13Notice of demand
  17. 14Direct assessment or recovery not barred
  18. 15Appeals to the Commissioner (Appeals)
  19. 16Procedure to be followed in appeal
  20. 17Powers of Commissioner (Appeals)
  21. 18Appeals to Appellate Tribunal
  22. 19Appeal to High Court
  23. 20Case before High Court to be heard by not less than two Judges
  24. 21Appeal to Supreme Court
  25. 22Hearing before Supreme Court
  26. 23Revision of orders prejudicial to revenue
  27. 24Revision of other orders
  28. 25Tax to be paid pending appeal
  29. 26Execution of order for costs awarded by Supreme Court
  30. 27Amendment of assessment on appeal
  31. 28Exclusion of time taken for obtaining copy
  32. 29Filing of appeal by tax authority
  33. 30Recovery of tax dues by Assessing Officer
  34. 31Recovery of tax dues by Tax Recovery Officer
  35. 32Modes of recovery of tax dues
  36. 33Tax Recovery Officer by whom recovery of tax dues is to be effected
  37. 34Recovery of tax dues in case of a company in liquidation
  38. 35Liability of manager of a company
  39. 36Joint and several liability of participants
  40. 37Recovery through State Government
  41. 38Recovery of tax dues in pursuance of agreements with foreign countries or specified territory
  42. 39Recovery by suit or under other law not affected
  43. 40Interest for default in furnishing return and payment or deferment of advance tax
  44. IV — ==> picture [53 x 13] intentionally omitted <==
  45. 41Penalty in relation to undisclosed foreign income and asset
  46. 42Penalty for failure to furnish return in relation to foreign income and asset
  47. 43Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars
  48. 44Penalty for default in payment of tax arrear
  49. 45Penalty for other defaults
  50. 46Procedure
  51. 47Bar of limitation for imposing penalty
  52. V — OFFENCES AND PROSECUTIONS
  53. 48Chapter not in derogation of any other law or any other provision of this Act
  54. 49Punishment for failure to furnish return in relation to foreign income and asset
  55. 50Punishment for failure to furnish in return of income, any information about an asset (including fin
  56. 51Punishment for wilful attempt to evade tax
  57. 52Punishment for false statement in verification
  58. 53Punishment for abetment
  59. 54Presumption as to culpable mental state
  60. 55Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Com
  61. 56Offences by companies
  62. 57Proof of entries in records or documents
  63. 58Punishment for second and subsequent offences
  64. VI — TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS
  65. 59Declaration of undisclosed foreign asset
  66. 60Charge of tax
  67. 61Penalty
  68. 62Manner of declaration
  69. 63Time for payment of tax
  70. 64Undisclosed foreign asset declared not to be included in total income
  71. 65Undisclosed foreign asset declared not to affect finality of completed assessments
  72. 66Tax in respect of voluntarily disclosed asset not refundable
  73. 67Declaration not admissible in evidence against declarant
  74. 68Declaration by misrepresentation of facts to be void
  75. 69Exemption from wealth-tax in respect of assets specified in declaration
  76. 72Removal of doubts
  77. VII — GENERAL PROVISIONS
  78. 73Agreement with foreign countries or specified territories
  79. 74Service of notice generally
  80. 75Authentication of notices and other documents
  81. 76Notice deemed to be valid in certain circumstances
  82. 77Appearance by approved valuer in certain matters
  83. 78Appearance by authorised representative
  84. 79Rounding off of income, value of asset and tax
  85. 80Congnizance of offences
  86. 81Assessment not to be invalid on certain grounds
  87. 82Bar of suits in civil courts
  88. 83Income-tax papers to be available for purposes of this Act
  89. 84Application of provisions of Income-tax Act
  90. 85Power to make rules
  91. 86Power to remove difficulties
  92. 87Amendment of section 2 of Act 54 of 1963
  93. 88Amendment of Act of 15 of 2003