Black Money Act

Basis of Charge – Section 3 – Black money act The assesse shall be liable to pay income-tax at the rate of 30% in respect of any undisclosed foreign income and /or undisclosed foreign asset of the previous year. Unlike the Income-Tax Act, the term ‘assessee’ for the purpose of the Black Money Act covers … Read more

In the recent past, all of you must have heard of Black Money discussions in the media and press, and how , many wealthy people evade payment of taxes and keep them overseas. Before we get into the provision of law, the first question which arises is, what is Black Money ? Black money is … Read more