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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 13: Notice of demand
- Section 70: Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act
- Section 8: Powers regarding discovery and production of evidence
- Section 42: Penalty for failure to furnish return in relation to foreign income and asset
- Section 63: Time for payment of tax
Related Acts
* Only for reference.