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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 (Part C), which offence under this Act has been added as a scheduled offence?

The offence of wilful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money Act was inserted as an entry in Part C of the Schedule to the Prevention of Money-laundering Act, 2002, by section 88 of the Black Money Act.

  1. AFailure to furnish a return in respect of foreign income and assets
  2. BWilful attempt to evade any tax, penalty or interest referred to in section 51 of the ActCorrect
  3. CFailure to furnish information about an asset located outside India
  4. DGiving a false statement in a verification

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 this Act. The other options are separate offences under this Act but are not the entry inserted by section 88.

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