b336a53425 Under Section 276C(1), if a person willfully in any manner, whatsoever evades any tax, penalty or interest chargeable or imposable under the Income Tax Act, he shall be punishable under this provision. < back Read On Wikipedia Edit History Talk Page Print Download PDF + {{$root.bookmarkCount}} 9+ {{::$root.activation.text}} {{::$root.activation.toolbarText}} . Under Section 279(2) of the Income Tax Act, compounding of offences relating to black money can only be initiated after the launch of the prosecution. These prosecutions are not launched under the Black Money Act because of the immunity granted to the Declarants under the said Act, however, as explained above, this immunity is not extendable to the prosecutions under the Income Tax Act. The documents and related graphics published on this server could include technical inaccuracies or typographical errors. We and our author organisations may only contact you via email or other means if you allow us to do so.
Survey information will be used for purposes of monitoring or improving the functionality of the site. Specialist professional advice should be sought about your specific circumstances. Second time defaulter: Any person, who continues to default in paying tax that is due, would be liable to pay an amount equal to the amount of tax arrears. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason. This privacy statement applies solely to information collected by this Web site. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto. We are sorry but the request could not be understood by the server due to malformed syntax.
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