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CMA Final · Direct Tax Laws and International Taxation · Black Money Act, 2015

Section 88 of the Black Money Act amends the Prevention of Money-laundering Act, 2002 by inserting an entry in Part C of its Schedule. What does that entry cover?

The inserted entry covers the offence of wilful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money Act. This makes that offence a scheduled offence under the Prevention of Money-laundering Act, 2002, unlike return-filing or TDS defaults.

  1. AFailure to furnish a return of income relating to foreign assets
  2. BThe offence of wilful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money ActCorrect
  3. CAny foreign exchange contravention by a resident individual
  4. DFailure to deduct tax at source on foreign remittances

Explanation

Section 88 inserts entry (4) in Part C of the Schedule to the PMLA, covering wilful attempt to evade tax, penalty or interest referred to in section 51 of the Black Money Act. The other options describe offences not named in that entry.

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