Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015)

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