Topics Covered under Module 5 – Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 in International Taxation CA Final Elective
NO ALLOWANCE AND SET-OFF FOR COMPUTATION OF TOTAL UNDISCLOSED FOREIGN INCOME AND ASSET – SECTION 5 Under the provisions of the Income-Tax Act, where any
PAYMENT OF TAX DURING PENDING APPEAL Where any tax is due as per assessment made under the Black Money Act, such tax has to be
PENALTY IN RELATION TO UNDISCLOSED FOREIGN INCOME AND ASSET – SECTION 41 The Assessing Officer may levy penalty where tax has been computed in respect
REVISION OF ORDERS PREJUDICIAL TO REVENUE – SECTION 23Â There are instances where the Assessing Officer may pass orders which are prejudicial to the interest
APPEAL TO HIGH COURT – SECTION 19 Where any case under the Black Money Act is related to a question of fact, it cannot be
APPEAL TO APPELLATE TRIBUNAL [SECTION 18 read with Rule 7 Any person , aggrieved by the order passed by Commissioner (Appeals) may appeal to the
Any person, who is not satisfied with the order passed by the Assessing Officer under the Black Money Act, can file an appeal against such
RECTIFICATION OF MISTAKE SECTION 12 The tax authority can also rectify its order,  if there is any mistake apparent from record in such order. Such
ASSESSMENT OF FOREIGN INCOME AND ASSETS – SECTION 10 The process of assessment of foreign income and asset shall comprise of the following steps :
TAX AUTHORITIES UNDER THE BLACK MONEY ACT – SECTION 6 From here onwards, we will study the procedural part of the Black Money Act like,
Offences and Prosecution under Income tax act – Chapter V PROVISIONS OF CHAPTER V NOT IN DEROGATION OF ANY OTHER LAW [SECTION 48] The provisions