Understanding the Provisions of Black Money and Imposition of Tax Act, 2015

Understanding the Provisions of Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015

This edition of Understanding the Provisions of Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015, authored by Ram Dutt Sharma, provides an in-depth and practical analysis of the legislation aimed at curbing the menace of undisclosed foreign income and assets. Updated as per the Finance Act, 2023, it serves as a comprehensive reference for professionals, corporates, and individuals seeking clarity on the stringent provisions and compliance requirements under this special Act.

The book explains the statutory framework of the Black Money Act in a systematic manner, supplemented with relevant CBDT circulars, government notifications, and judicial interpretations. It addresses the scope of the Act, the obligations of taxpayers, procedural aspects of disclosure, computation of tax, and the severe penalties for non-compliance.

The content covers the complete ambit of the Black Money Act, including:

• Legislative background and objectives of the Act, 2015

• Definitions, scope, and applicability of the provisions

• Taxation of undisclosed foreign income and assets

• Valuation rules for foreign assets

• Filing of returns, disclosure obligations, and timelines

• Assessment, reassessment, and recovery mechanisms under the Act

• Penalty provisions and prosecution for violations

• Interaction of the Act with the Income Tax Act, FEMA, and other laws

• Case laws and judicial interpretations shaping the application of the Act

• CBDT circulars, clarifications, and practical compliance guidance

• Special provisions for information exchange under international treaties

This edition is particularly suitable for:

• Chartered accountants, tax consultants, and legal practitioners handling cross-border tax compliance

• Corporates and high-net-worth individuals with overseas assets

• Law students and academicians studying anti-tax evasion laws

• Taxpayers seeking to understand the consequences of non-disclosure of foreign income and assets

Whether used for compliance, advisory, litigation, or academic research, this updated edition offers an authoritative and practical guide to the provisions and application of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015