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

Which statement is correct about the interaction of the Black Money Act, 2015 with the Prevention of Money-laundering Act, 2002, according to the official text?

Section 88 amends the Prevention of Money-laundering Act by inserting entry (4) in Part C of its Schedule. That entry covers the offence of wilful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money Act.

  1. ASection 88 inserts an entry in Part C of the Schedule to the Prevention of Money-laundering Act for the offence of wilful attempt to evade tax, penalty or interest referred to in section 51 of the Black Money ActCorrect
  2. BSection 88 repeals the Schedule to the Prevention of Money-laundering Act
  3. CSection 88 inserts the offence under Part A of the Schedule relating to terrorism
  4. DSection 88 removes the Black Money Act offences from the scope of money laundering

Explanation

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

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