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.

View Source

← Previous Next →

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

You may also like:

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,...

Amendment in Law to Prevent Black Money.

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...

The High Court held that the Income Tax authorities have the power to seek interim custody of currency notes seized and produced before the jurisdictional magistrate or...

Allowability of Education cess paid - in the Finance Bill, 2022 introduced in the Parliament an amendment to Section 40 was proposed by insertion of Explanation 3 with...

Proposed Amendments in the Companies Act, 2013 - as per the report of the Companies Law Committee

Proposed Amendments in the Companies Rules - as per the report of the Companies Law Committee

SERVICE TAX - AMENDMENTS PROPOSED IN CHAPTER V OF THE FINANCE ACT, 1994

Suggestions on proposed amendments in the CESTAT Forms-reg.

Assets given on lease and returning back to the assessee and again given on lease depreciation is required to be allowed once the assets purchased in the earlier year...

An appeal against the rejection of an application for amendment of a Scheme of Amalgamation, involving a minuscule change in the swap ratio of the Transferor Companies....

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...

The application sought amendment of the plaint to implead a new defendant, which was contested on grounds of the bar u/s 14 of the Insolvency and Bankruptcy Code (IBC)...

Jurisdiction of proper officer to seize u/s 67 - Seizure of unaccounted assets - The purpose of the Act is not to proceed against unaccounted wealth. The provision of...

When an application is made for the release of assets under first proviso to Section 132B(1)(i) of the Act explaining the nature and source of the seized assets and if...

Quick Updates: