LawgistThe Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act
41Penalty in relation to undisclosed foreign income and asset
The Assessing Officer may direct that in a case where tax has been computed under section 10 in respect of undisclosed foreign income and asset, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum equal to three times the tax computed under that section.
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PENALTIES
- 41 Penalty in relation to undisclosed foreign income and asset
- 42 Penalty for failure to furnish return in relation to foreign income and asset
- 43 Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India
- 44 Penalty for default in payment of tax arrear
- 45 Penalty for other defaults
- 46 Procedure
- 47 Bar of limitation for imposing penalty
