Proposed amendment enables recovery of existing liabilities ...

Proposed amendment allows recovery of Black Money Act liabilities from seized assets, aligning with Income-tax Act provisions.

Notes Bill

July 27, 2024

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets u/s 132B of Income-tax Act, 1961. Currently, liabilities under Income-tax Act, 1961, Wealth-tax Act, 1957, Expenditure-tax Act, 1987, Gift-tax Act, 1958, and Interest-tax Act, 1974 are recoverable from seized assets. Amendment extends this provision to undisclosed foreign income and assets taxed under Black Money Act, 2015. Effective from October 1, 2024.

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Proposed amendment enables recovery of existing liabilities ...

Proposed amendment allows recovery of Black Money Act liabilities from seized assets, aligning with Income-tax Act provisions.

Notes Bill

July 27, 2024

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