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Section 41 - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Chapter IV
Penalties
41. Penalty in relation to undisclosed foreign income and asset.-
The Assessing Officer may direct that in a case where tax has been computed under section 10 in respect of undisclosed foreign income and asset, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum equal to three times the tax computed under that section.
Related Sections
- Section 48: Chapter not in derogation of any other law or any other provision of this Act
- Section 14: Direct assessment or recovery not barred
- Section 65: Undisclosed foreign asset declared not to affect finality of completed assessments
- Section 88: Amendment of Act of 15 of 2003
- Section 87: Amendment of section 2 of Act 54 of 1963
Related Acts
- Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Transport, Sale, Distribution, Storage and Advertisement) Act, 2019
- Enemy Property (Amendment and Validation) Act, 2017
- Central Goods and Services Tax (Amendment) Act, 2018
- Punjab Municipal Corporation Law (Extension to Chandigarh) Amendment Act, 2017
- Tribunals Reforms Act, 2021
* Only for reference.