To tackle the issue of black money, a new Act namely Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has made in 2015 with rigorous implications. Though the motive of the Act is to tax undisclosed foreign income or asset, non-disclosure of foreign income or asset attracts penalty under section 42 or section 43. However, vide Finance Act (No.2), 2024, some relaxation has been provided in reporting of such income or assets in Scheule FA. In this Article, amendment to section 42 and section 43 by Finance Act (No 2), 2024 and consequences of failure to disclose foreign income or asset have been discussed.
Writing an article requires detailed understanding of the various provisions of the law. However, a law may change over a period of time due to amendments to law, judicial precedents on such law etc. Hence, updating the old article will certainly give new flavor in understanding the present position of the said provision of the law. With this edition of Wiki, a new beginning has been started with regard to our commitment to provide updated articles of our previous wiki editions, to enable the reader to be updated and this would be in addition to the new articles on latest happening topics/issues. In this edition of Wiki, some of most read old articles have been updated to the current position in law and republished.
I hope that you will have a good time reading this edition and your valuable feedback is appreciated.
Key Topics:
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Non-disclosure of foreign income and assets vis-à-vis Penalties under Black Money Act.
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Disallowance of expenditure due to non – compliance of TDS Provisions (U)
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Section 206AA – Twist And Turns (U)
