Amendment of section 132B.

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..... osed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015.) shall be substituted with effect from the 1st day of October, 2024. - Clause 40 of the Bill seeks to amend section 132B of the Income-tax Act relating to application of seized or requisitioned assets. The said section provides that the amount of any existing liability under the Income-tax Act, the Wealth-tax Act, 1957, t .....

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..... of the Income-tax Act. It is proposed to amend the clause (i) of sub-section (1) of the said section to provide the reference of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 so as to recover the existing liabilities under the said out of seized assets. This amendment will take effect from 1st October, 2024. - statute, statutory provisions legislation, l .....

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