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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, as amended in the Prevention of Money-laundering Act, 2002 Schedule, which offence under the Black Money Act is added as a scheduled offence?

The offence added to the Schedule of the Prevention of Money-laundering Act, 2002 is the wilful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money Act. Section 88 inserts it, so it becomes a scheduled offence for money-laundering purposes.

  1. AWilful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money ActCorrect
  2. BFailure to furnish a return of income in respect of foreign assets
  3. CFailure to report a foreign bank account in the return
  4. DFurnishing an incorrect valuation of a foreign immovable property

Explanation

Section 88 inserts in Part C of the Schedule to the Prevention of Money-laundering Act, 2002 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 are separate defaults and are not the entry inserted by this section.

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