TMI BlogThe summary highlights the key difference between the scope of total income under the Income Tax Act and...The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA). While the Income Tax Act covers all income from whatever source derived, the BMA only considers undisclosed assets located outside India and undisclosed foreign income and assets. Section 4(3) of the BMA explicitly states that income included as undisclosed foreign income and assets shall not form part of the total income under the Income Tax Act. Additionally, Section 65 of the BMA prohibits reopening assessments or claiming set-offs under the Income Tax Act for declared undisclosed assets. The summary emphasizes that the findings under the In..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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