Black Money Law in India
Income Tax Act, 1961 (hereinafter called ‘ITA’) seeks inter alia to tax global income of a resident-taxpayer and also provides for the levy of penalty in case of concealment, under reporting or misreporting of such income. If foreign sourced income chargeable to tax including any income in relation to any foreign asset has gone untaxed, such income can be brought to tax under ITA within 16 years from the end of the relevant assessment year in which such income was assessable, as provided in section 147 to 151 of ITA.
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