Government Notifies Black Money Act
GOVERNMENT has notified the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, on 27 th May 2015. The Act comes into force with effect from 1st April 2016.
Some of the major Penalties and Offences under the Act:
Penalties:
1. Three times the tax in respect of undisclosed foreign income and asset;
2. Ten lakhs of rupees for not filing the required return;
3. Ten lakhs if he fails to furnish any information or furnishes inaccurate particulars in such return relating to any asset or relating to any income from a source located outside India;
4. Equal to the amount of tax arrear for default of payment of tax;
5. Rs. 50,000 to 2 lakhs - for refusing to answer any question; fails to honour summons.
Offences:
1. Wilfully fails to furnish in due time the return of income which he is required to furnish - rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine :
2. Wilfully fails to furnish in such return any information relating to an asset located outside India, or disclose any income from a source outside India - rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine.
3. If a person, being a resident other than not ordinarily resident in India, wilfully attempts in any manner whatsoever to evade any tax, penalty or interest - rigorous imprisonment for a term which shall not be less than three years but which may extend to ten years and with fine.
4. If a person wilfully attempts in any manner whatsoever to evade the payment of any tax, penalty or interest under this Act - rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and fine.
5. If a person, makes a statement in any verification under this Act or under any rule made thereunder, or delivers an account or statement which is false - rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine.
6. If a person abets or induces in any manner another person to make and deliver an account or a statement or declaration relating to tax payable under this Act which is false - rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine.