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

The Black Money Act amended the Prevention of Money-laundering Act, 2002 by inserting an entry in Part C of its Schedule. What offence 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. It was added to Part C of the PMLA Schedule, linking this evasion offence to money-laundering law.

  1. AFailure to furnish the return of income in respect of 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. CFailure to disclose a foreign bank account in the return of income
  4. DWilful attempt to evade tax under the Income-tax Act in respect of domestic income

Explanation

Section 88 inserts entry (4) in Part C of the Schedule to the PMLA. It covers the offence of wilful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money Act. The other options describe different offences or refer to domestic income, which this entry does not cover.

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