Introduction Section 271DA of the Income Tax Act is a provision that was introduced with effect in 2017 by the Government of India to promote digital transactions and curb the circulation of black money. This section lays down the provisions for imposing a penalty on any person who receives a sum of INR 2 lakh … Read more
Black Money and Imposition of Tax Act 2015 MCQs – International Taxation are covered in this Article. Black Money and Imposition of Tax Act 2015 MCQ Test contains 106 questions. Answers to MCQ on Black Money and Imposition of Tax Act 2015 are available after clicking on the answer. 1. What are the key features … Read more
Offences and Prosecution under Income tax act – Chapter V Provisions of Chapter V not in derogation of any other law [Section 48] The provisions relating to offences and prosecution are in addition to, and not in derogation of, the provisions of any other law providing for prosecution for offences thereunder. Let us understand this … Read more
PENALTY IN RELATION TO UNDISCLOSED FOREIGN INCOME AND ASSET – SECTION 41 The Assessing Officer may levy penalty where tax has been computed in respect of undisclosed foreign income and undisclosed foreign asset. The amount of penalty, shall be equal to three times the tax so computed, in addition to tax. EXAMPLE : – PENALTY … Read more
PAYMENT OF TAX DURING PENDING APPEAL Where any tax is due as per assessment made under the Black Money Act, such tax has to be paid , irrespective of the fact that any appeal is being preferred to the High Court or the Supreme Court. For example, where any assessment order has been passed by … Read more
REVISION OF ORDERS PREJUDICIAL TO REVENUE – SECTION 23 There are instances where the Assessing Officer may pass orders which are prejudicial to the interest of revenue. The Assessing Officer may have interpreted certain provision of the Black Money Act in a manner which leads to lesser tax liability on the assesse, than what is … Read more
APPEAL TO HIGH COURT – SECTION 19 Where any case under the Black Money Act is related to a question of fact, it cannot be appealed to the High Court. The Appellate Tribunal is final fact-finding authority. The appeal can be filed before the High Court only if the subject matter involves substantial question of … Read more
APPEAL TO APPELLATE TRIBUNAL [SECTION 18 read with Rule 7 Any person , aggrieved by the order passed by Commissioner (Appeals) may appeal to the Appellate Tribunal. The provisions for filing appeal before the Commissioner (Appeals) are given hereunder :- WHO CAN FILE APPEAL BEFORE APPELLATE TRIBUNAL? An order passed by the Commissioner (Appeals) could … Read more
Any person, who is not satisfied with the order passed by the Assessing Officer under the Black Money Act, can file an appeal against such order before the Commissioner (Appeals), The provisions relating to appeal before the Commissioner (Appeals) are as under :- WHO CAN FILE APPEAL BEFORE COMMISSIONER (APPEALS)? Any person can file appeal … Read more
RECTIFICATION OF MISTAKE SECTION 12 The tax authority can also rectify its order, if there is any mistake apparent from record in such order. Such rectification can be made when the mistake is identified by the tax authority itself or when such mistake is brought to its notice by assessee or the Assessing Officer. This … Read more