CMA Final · Direct Tax Laws and International Taxation · Black Money Act, 2015
Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the Act as a whole extends to which territory?
The Act extends to the whole of India, as provided in section 1(2). Its extent is not restricted to resident citizens, particular cities or treaty countries, even though it taxes undisclosed income and assets located outside India.
- AOnly to resident Indian citizens, wherever they live
- BThe whole of IndiaCorrect
- COnly to persons assessed in metropolitan cities
- DIndia and all countries having a DTAA with India
Explanation
Section 1(2) states that the Act extends to the whole of India. It is not limited by city, by citizenship or by treaty partners, so the other options misstate the territorial extent.
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