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Indian Laws - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND ...


India's Black Money Bill 2015 Targets Undisclosed Foreign Assets with 30% Tax, Penalties, and Jail for Evasion.

May 14, 2015

News     Indian Laws

THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX BILL, 2015 - As passed by both houses of parliament

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  1. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

  2. Penalty levied u/s. 271(1)(c) - Suo-moto declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and...

  3. The existing provisions of section 230(1A) of the Income-tax Act, 1961, require obtaining a tax clearance certificate from income-tax authorities before leaving India,...

  4. Addition towards undisclosed foreign assets under the provisions of Black Money (UFIA) And Imposition of Tax Act, 2015 for the alleged investment in life insurance...

  5. 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...

  6. The petitioner challenged the summoning order and sought quashing of the complaint u/ss 50 and 51 of the Black Money Act, 2015, alleging undisclosed foreign assets. The...

  7. Assigning jurisdiction to Commissioner (Appeals) under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act)

  8. Black Money (Undisclosed Foreign Income Tax and Assets) and Imposition of Tax Act, 2015 comes into effect from 01.07.2015 and the petitioners had filed their ITR on...

  9. Black money assessment - undisclosed income under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - offence u/s 50 is not made...

  10. Section 55 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - whether the High Court was right in observing that while exercise...

  11. Sections 42 and 43 of the Black Money Act, 2015 impose penalties for failure to disclose foreign income and assets in ITRs by resident and ordinarily resident...

  12. Black money - Liability of the appellant to be assessed under the provisions of BMIT Act 2015 - Definition of undisclosed asset in the back money act clearly provides...

  13. The ITAT held that the Black Money Act, 2015 would be applicable from AY 2016-17 onwards. Hence, the AO lacked jurisdiction to assess income or levy penalty under the...

  14. HC ruled that Black Money Act proceedings cannot continue where income was declared and settled under Chapter XIX-A of Income Tax Act prior to Black Money Act...

  15. The Income Tax Appellate Tribunal held that the assessee, although not disclosing foreign investments in the prescribed Schedule FA of the income tax return, had...

 

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