Law Relating to Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act 2015

.......................................................................................................................................
Description
After having authored two books earlier on the topic "Law relating to Income Tax Search & Seizure" and "Taxation of Real Estate Developers and Joint Development Arrangement" between land- owners and real estate developers and complex income tax issues emerging therefrom, we are pleased to present our third book discussing the law and critical tax issues relating to Black Money Act, 2015. Black Money Act, 2015 has been enacted by the legislature providing stringent provisions regarding undisclosed foreign income & assets possessed by the person being Ordinarily Resident in India. It was intended to curb and penalize the practice of keeping assets and deposits outside the country in illegal manner. The provisions regarding taxation, penalty and prosecution relating to undisclosed foreign income & assets were earlier administered by the Income-tax Act, 1961. Though the obligation for declaring foreign income & assets and paying taxes thereon by filing income tax return is still within the purview of the Income-tax Act, 1961 but the assessment and penal provisions have now been provided separately by enacting Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. As per this Act, there is no time barring limit for making assessment and re-assessment of undisclosed foreign income and assets. Moreover, undisclosed foreign assets under this Act are required to be assessed at the present market value and not at the historical cost.
........................................................................................................................................
Contents
Chapter 01 : Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015
Chapter 02 : Applicability & Definitions (Sections 1 &2)
Chapter 03 : Charge, Scope & Computation of total undisclosed foreign income & asset (Section 3, 4 & 5)
Chapter 04 : Tax Authorities (Section 6 to 9)
Chapter 05 : Assessment (Section 10 to 14)
Chapter 06 : Appeal & Revision (Sections 15 to 29)
Chapter 07 : Recovery of Tax & Interest (Sections 30 to 40)
Chapter 08 : Penalties (Sections 41 to 47)
Chapter 09 : Prosecution (Section 48 to 58)
Chapter 10 : Declaration Scheme (Sections 59 to 72)
Chapter 11 : General Provisions (Sections 73 to 88)
Chapter 12 : Valuation
Appendices
Appendices 1 : Relevant Forms 1 to 8 of Black Money (Undisclosed Foreign Income & Assets)
                           and Imposition of Tax Act, 2015
Appendices 2 : CBDT Circulars
Appendices 3 : CBDT Notifications
Appendices 4 : Extract of other laws referred in Black Money (Undisclosed Foreign income & assets)
                           and Imposition of Tax Act, 2015
........................................................................................................................................
Author Details
Dr. RAJ K. AGARWAL has been meritorious throughout his academic career. He has done M.Com., LL.B., LL.M., MBA and Ph.D. and is Fellow member of Institute of Chartered Accountants of India and Institute of Company Secretaries of India and Associate Member of Institute of Cost Accountants of India. He has been practicing as Chartered Accountant since 1984 as senior partner in M/s. Rakesh Raj & Associates. He has wide experience of handling Income Tax search cases and tax opinion relating to joint development of real estates. He has been associated with the academic activities of the Institute of Chartered Accountants of India representing various committees of the Institute and with the Institute of Company Secretaries of India representing its Northern India Regional Council as Chairman in the year 2003. He has been contributing articles and addressing various seminars on topics relating to income-tax, accounting, auditing and business restructuring.
Dr. RAKESH GUPTA is a law graduate and Fellow Member of Institute of Chartered Accountants of India and Institute of Company Secretaries of India and Associate Member of Institute of Cost Accountants of India. He has done Ph.D. He was awarded gold medal in LL.B. examination by the University. He along with Dr. Raj started practicing as Chartered Accountant in the year 1984 in the firm M/s. Rakesh Raj & Associates. He was selected as Member of Income Tax Appellate Tribunal in the year 2000 and thereafter he resigned from the service and started practicing as an advocate as senior partner of M/s. RRA Tax India at Delhi representing income tax cases beforevarious High Courts and Supreme Court of India. He is a prolific speaker and has been contributing to the profession by addressing various seminars on regular basis on legal and practical topics relating to Income Tax. He has been contributing articles in various professional magazines, writing column in newspapers and making appearances at T.V. channels.