 the undisclosed foreign income and assets (imposition of tax) bill, 2015 _______ arrangement of clauses_______ chapter i preliminary clauses1 short title, extent and commencement 2 definitions chapter ii basis of charge3 charge of tax 4 scope of total undisclosed foreign income and asset 5 computation of total undisclosed foreign income and asset chapter iii tax management6 tax authorities 7 change of incumbent 8 powers regarding discovery and production of evidence 9 proceedings before tax authorities to be judicial proceedings10 assessment 11 time limit for completion of assessment and reassessment 12 rectification of mistake 13 notice of demand 14 direct assessment or recovery not barred 15 appeals to the commissioner (appeals) 16 procedure to be followed in appeal 17 powers of commissioner (appeals) 18 appeals to appellate tribunal 19 appeal to high court 20 case before high court to be heard by not less than two judges 21 appeal to supreme court 22 hearing before supreme court 23 revision of orders prejudicial to revenue 24 revision of other orders 25 tax to be paid pending appeal 26 execution of order for costs awarded by supreme court 27 amendment of assessment on appeal 28 exclusion of time taken for obtaining copy 29 filing of appeal by tax authority 30 recovery of tax dues by assessing officer 31 recovery of tax dues by tax recovery officer 32 modes of recovery of tax dues 33 tax recovery officer by whom recovery of tax dues is to be effected 34 recovery of dues in case of a company in liquidation 35 liability of manager of a company 36 joint and several liability of participants 37 recovery through state government 38 recovery of tax dues in pursuance of agreements with foreign countries or specifiedterritory39 recovery by suit or under other law not affected 40 interest for default in furnishing return and payment or deferment of advance tax chapter iv penalties41 penalty in relation to undisclosed foreign income and assets 42 penalty for failure to furnish return in relation to foreign income and asset 43 penalty for failure to furnish return of income, an information or furnish inaccurateparticulars about an asset (including financial interest in any entity) located outside india44 penalty for default in payment of tax arrear 45 penalty for other defaults 46 procedure 47 bar of limitation for imposing penalty chapter v offences and prosecutions48 chapter not in derogation of any other law or any other provision of this act49 punishment for failure to furnish return in relation to foreign income and asset 50 punishment for failure to furnish in return of income, any information about an asset(including financial interest in any entity) located outside india51 punishment for wilful attempt to evade tax52 punishment for false statement in verification 53 punishment for abetment54 presumption as to culpable mental state 55 prosecution to be at instance of principal chief commissioner or chief commissioner or principal commissioner or commissioner56 offences by companies 57 proof of entries in records or documents 58 punishment for second and subsequent offences chapter vi tax compliance for undisclosed foreign income and assets59 declaration of undisclosed foreign asset 60 charge of tax 61 penalty 62 manner of declaration 63 time for payment of tax 64 undisclosed foreign asset declared not to be included in total income 65 undisclosed foreign asset declared not to affect finality of completed assessments 66 tax in respect of voluntarily disclosed asset not refundable 67 declaration not admissible in evidence against declarant 68 declaration by misrepresentation of facts to be void 69 exemption from wealth-tax in respect of assets specified in declaration 70 applicability of certain provisions of income-tax act and of chapter v of wealth-tax act 71 chapter not to apply to certain persons 72 removal of doubts chapter vii general provisions73 agreement with foreign countries or specified territories 74 service of notice generally 75 authentication of notices and other documents 76 notice deemed to be valid in certain circumstances 77 appearance by approved valuer in certain matters 78 appearance by authorised representative 79 rounding off of income, value of asset and tax 80 congnizance of offences 81 assessment not to be invalid on certain grounds 82 bar of suits in civil courts 83 income-tax papers to be available for the purposes of this act 84 application of provisions of income-tax act85 power to make rules 86 power to remove difficulties 87 amendment of section 2 of act 54 of 1963 88 amendment of act 15 of 2003 bill no 84 of 2015 the undisclosed foreign income and assets (imposition of tax) bill, 2015 a bill to make provisions for undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside india and for matters connected therewith or incidental thereto be it enacted by parliament in the sixty-sixth year of the republic of india as follows:— chapter i preliminaryof tax) act, 2015short title, extent and commencement(2) it extends to the whole of india (3) save as otherwise provided in this act, it shall come into force on the 1st day of april, 2016definitions2 in this act, unless the context otherwise requires,—5 (1) "assessee" means a person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, by whom tax in respect of undisclosed foreign income and assets, or any other sum of money, is payable under this act and includes every person who is deemed to be an assessee in default under this act; (2) "appellate tribunal" means the appellate tribunal constituted under section252 of the income-tax act; (3) "assessment" includes re-assessment;10 (4) "assessment year" means the period of twelve months commencing on the1st day of april every year;54 of 1963 (5) "board" means the central board of direct taxes constituted under the central boards of revenue act, 1963;43 of 1961 (6) "income-tax act" means the income-tax act, 1961; (7) "participant "means—15 (a) a partner in relation to a firm; or (b) a member in relation to an association of persons or body of individuals; (8) "prescribed" means prescribed by rules made under this act;|  (                                                                                 | 9   | )   |     | "previous year" means—                                                 ||------------------------------------------------------------------------------------|-----|-----|-----|------------------------------------------------------------------------|| 20                                                                                 |     |     |     |                                                                        || (                                                                                  | a   | )   |     | the period beginning with the date of setting up of a business and     || ending with date of the closure of the business or the 31st day of march following |     |     |     |                                                                        || the date of setting up of such business, whichever is earlier;                     |     |     |     |                                                                        || 25                                                                                 |     |     |     |                                                                        || (                                                                                  | b   | )   |     | the period beginning with the date on which a new source of income     || comes into existence and ending with the date of closure of the business or the    |     |     |     |                                                                        || 31st day of march following the date on which such new source comes into           |     |     |     |                                                                        || existence, whichever is earlier;                                                   |     |     |     |                                                                        || 30                                                                                 |     |     |     |                                                                        || (                                                                                  | c   | )   |     | the period beginning with the 1st day of the financial year and ending || with the date of discontinuance of the business other than business referred to    |     |     |     |                                                                        || in clause (                                                                        | b   | )   |     | or dissolution of an unincorporated body or liquidation of a company,  || as the case may be; or                                                             |     |     |     |                                                                        || (                                                                                  | d   | )   |     | the period of twelve months commencing on the 1st day of april of the  || relevant year in any other case,                                                   |     |     |     |                                                                        |and which immediately precedes the assessment year35 (10) "resident" means a person who is resident in india within the meaning ofsection 6 of the income-tax act;40 (11) "undisclosed asset located outside india" means an asset (including financial interest in any entity) located outside india, held by the assessee in his name or in respect of which he is a beneficial owner, and he has no explanation about the source of investment in such asset or the explanation given by him is in the opinion of the assessing officer unsatisfactory;(12) "undisclosed foreign income and asset" means the total amount of undisclosed income of an assessee from a source located outside india and the value of an undisclosed asset located outside india, referred to in section 4, and computed in the manner laid down in section 5;45(13) "unincorporated body" means—(a) a firm;(b) an association of persons; or (c) a body of individuals;(14) "value of an undisclosed asset" shall have the meaning assigned to it in sub-section (2) of section 3;5(15) all other words and expressions used herein but not defined and defined inthe income-tax act shall have the meanings respectively assigned to them in that act chapter ii basis of charge10charge of tax3 (1) there shall be charged on every assessee for every assessment year commencing on or after the 1st day of april, 2016, subject to the provisions of this act, a tax in respect of his total undisclosed foreign income and asset of the previous year at the rate of thirty per cent of such undisclosed income and asset:provided that an undisclosed asset located outside india shall be charged to tax on its value in the previous year in which such asset comes to the notice of the assessing officer15 (2) for the purposes of this section "value of an undisclosed asset" means the fair market value of an asset (including financial interest in any entity) determined in such manner as may be prescribed204 (1) subject to the provisions of this act, the total undisclosed foreign income and asset of any previous year of an assessee shall be,–scope of total undisclosed foreign income and asset(a) the income from a source located outside india, which has not been disclosed in the return of income furnished within the time specified in explanation 2 to sub-section (1) or under sub-section (4) or sub-section (5) of section 139 of the income-tax act;25(b) the income, from a source located outside india, in respect of which a returnis required to be furnished under section 139 of the income-tax act but no return of income has been furnished within the time specified in explanation 2 to sub-section(1) or under sub-section (4) or sub-section (5) of section 139 of the said act; and(c) the value of an undisclosed asset located outside india30(2) notwithstanding anything contained in sub-section (1), any variation made in theincome from a source outside india in the assessment or reassessment of the total income of any previous year, of the assessee under the income-tax act in accordance with the provisions of section 29 to section 43c or section 57 to section 59 or section 92c of the said act shall not be included in the total undisclosed foreign income35(3) the income included in the total undisclosed foreign income and asset under this act shall not form part of the total income under the income-tax act5 (1) in computing the total undisclosed foreign income and asset of any previous year of an assessee,—computation of total undisclosed foreign income and asset40(i) no deduction in respect of any expenditure or allowance or set off of any lossshall be allowed to the assessee, whether or not it is allowable in accordance with the provisions of the income-tax act; (ii) any income,—(a) which has been assessed to tax for any assessment year under the income-tax act prior to the assessment year to which this act applies; or45(b) which is assessable or has been assessed to tax for any assessmentyear under this act,shall be reduced from the value of the undisclosed asset located outside india, if, the assessee furnishes evidence to the satisfaction of the assessing officer that the asset has been acquired from the income which has been assessed or is assessable, as the case may be, to tax5(2) the amount of deduction referred to in clause (ii) of sub-section (1) in case of an immovable property shall be the amount which bears to the value of the asset as on the first day of the financial year in which it comes to the notice of the assessing officer, the same proportion as the assessable or assessed foreign income bears to the total cost of the assetillustration1015a house property located outside india was acquired by an assessee in the previous year 2009-10 for fifty lakh rupees out of the investment of fifty lakh rupees, twenty lakh rupees was assessed to tax in the total income of the previous year 2009-10 and earlier years such undisclosed asset comes to the notice of the assessing officer in the year 2017-18 if the value of the asset in the year 2017-18 is one crore rupees, the amount chargeable to tax shall be a-b=cwhere, a=rs1 crore, b=rs (100 x 20/50) lakh= rs40 lakh, c=rs (100-40) lakh=rs60lakh chapter iii tax management20tax authorities6 (1) the income-tax authorities specified in section 116 of the income-tax act shall bethe tax authorities for the purposes of this act (2) every such authority shall exercise the powers and perform the functions of a tax authority under this act in respect of any person within his jurisdiction25 (3) subect to the provisions of sub-section (4), the jurisdiction of a tax authority under this act shall be the same as he has under the income-tax act by virtue of orders or directions issued under section 120 of that act (including orders or directions assigning the concurrent jurisdiction) or under any other provision of that act30 (4) the tax authority having jurisdiction in relation to an assessee who has no income assessable to income-tax under the income-tax act shall be the tax authority having jurisdiction in respect of the area in which the assessee resides or carries on its business or has its principal place of business35 (5) section 118 of the income-tax act and any notification issued thereunder shall apply in relation to the control of tax authorities as they apply in relation to the control of the corresponding income-tax authorities, except to the extent to which the board may, by notification in the official gazette, otherwise direct in respect of any tax authoritychange of incumbent7 (1) the tax authority who succeeds another authority as a result of change injurisdiction or for any other reason, shall continue the proceedings from the stage at which it was left by his predecessor40 (2) the assessee in such a case may be given an opportunity of being heard, if he sorequests in writing , before passing any order in his case5 of 19088 (1) the prescribed tax authorities shall, for the purposes of this act, have the same powers as are vested in a court under the code of civil procedure, 1908, while trying a suit in respect of the following matters, namely:—powers regarding discovery and production of evidence45(a) discovery and inspection; (b) enforcing the attendance of any person, including any officer of a bankingcompany and examining him on oath;(c) compelling the production of books of account and other documents; and(d) issuing commissions (2) for the purposes of making any inquiry or investigation, the prescribed tax authority shall be vested with the powers referred to in sub-section (1), whether or not any proceedings are pending before it5 (3) any tax authority prescribed for the purposes of sub-section (1) or sub-section(2) may, subject to the rules made in this behalf, impound any books of account or other documents produced before it and retain them in its custody for such period as it thinks fit (4) any tax authority below the rank of commissioner shall not—10(a) impound any books of account or other documents without recording hisreasons for doing so; or15(b) retain in his custody any such books or documents for a period exceedingthirty days without obtaining the approval of the principal chief commissioner or the chief commissioner or the principal commissioner or the commissioner45 of 18609 (1) any proceeding under this act before a tax authority shall be deemed to be a judicial proceeding within the meaning of section 193 and section 228 and for the purposes of section 196 of the indian penal codeproceedings before tax authorities to be judicial proceedings202 of 1974(2) every tax authority shall be deemed to be a civil court for the purposes of section 195, but not for the purposes of chapter xxvi of the code of criminal procedure, 1973assessment2510 (1) for the purposes of making an assessment or reassessment under this act, the assessing officer may, on receipt of an information from an income-tax authority under the income-tax act or any other authority under any law for the time being in force or on coming of any information to his notice, serve on any person, a notice requiring him on a date to be specified to produce or cause to be produced such accounts or documents or evidence as the assessing officer may require for the purposes of this act and may, from time to time, serve further notices requiring the production of such other accounts or documents or evidence as he may require30 (2) the assessing officer may make such inquiry, as he considers necessary, forthe purpose of obtaining full information in respect of undisclosed foreign income and asset of any person for the relevant financial year or years35 (3) the assessing officer, after considering such accounts, documents or evidence, as he has obtained under sub-section (1), and after taking into account any relevant material which he has gathered, under sub-section (2) and any other evidence produced by the assessee, shall by an order in writing, assess the undisclosed foreign income and asset and determine the sum payable by the assessee40 (4) if any person fails to comply with the terms of the notice under sub-section (1),the assessing officer shall, after taking into account all the relevant material which he has gathered and after giving the assessee an opportunity of being heard, make the assessment of undisclosed foreign income and asset to the best of his judgment and determine the sum payable by the assessee4511 (1) no order of assessment or reassessment shall be made under section 10after the expiry of two years from the end of the financial year in which the notice under sub-section(1) of section 10 was issued by the assessing officertime limit for completion of assessment and reassessment5(2) notwithstanding anything contained in sub-section (1),  an order of fresh assessment in pursuance of an order passed under section 18 setting aside or cancelling an assessment, may be made at any time before the expiry of the period of two years from the end of the financial year in which the order under section 18 is received by the principal commissioner or the commissioner10(3) the provisions of sub-section (1)  shall not apply to the assessment or reassessment made in the consequence of, or to give effect to, any finding or direction contained in an order under section 16 or section 18 or section 19 or section 22 of this act or in an order of any court in a proceeding otherwise than by way of appeal under this act and such assessment or reassessment may, subject to the provisions of sub-section (2), be completed at any time, before the expiry of the period of two years from the end of the financial year in which such order is received by the principal commissioner or the commissionerexplanation 1– in computing the period of limitation for the purpose of this section– (i) the time taken in reopening the whole or any part of the proceeding; or15 (ii) the period during which the assessment proceeding is stayed by an order or injunction of any court; or20 (iii)  the period commencing from the date on which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90a of the income-tax act or under section 73 of this act and ending with the date on which the principal commissioner or the commissioner last receives, the information so requested or a period of one year, whichever is less, shall be excluded:25provided that where immediately after the exclusion of the aforesaid time or period, the period of limitation referred to in sub-section (1), (2) and (3) available to the assessing officer for making an order of assessment or reassessment, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly30 35explanation 2—where, by an order referred to in sub-section (3), any undisclosed foreign income and asset is excluded from the total undisclosed foreign income and asset for an assessment year in respect of an assessee, then, an assessment of such undisclosed foreign income and asset for another assessment year shall, for the purposes of section 10 and this section, be deemed to be one made in consequence of, or to give effect to, any finding or direction contained in the said orderrectification of mistake12 (1) a tax authority may amend any order passed by it under this act so as to rectify any mistake apparent from the record (2) no amendment under this section shall be made after a period of four years from the end of the financial year in which the order sought to be amended was passed40 (3) the tax authority shall not make any amendment, which has the effect of enhancing the undisclosed foreign income and asset or reducing a refund or otherwise increasing the liability of the assessee, unless the authority concerned has given to the assessee an opportunity of being heard (4) the tax authority concerned may make an amendment under this section—45 (a) on its own motion; or (b) on the application made to it by the assessee or, as the case may be, by the assessing officer(5) any application received by the tax authority for amendment of an order shall be decided within a period of six months from the end of the month in which such application is received by it5(6) in a case where the order has been made in an appeal or revision, the power of thetax authority to amend the order shall be restricted to matters other than those decided in appeal or revisionnotice of demand13 any sum payable in consequence of any order made under this act shall be demanded by a tax authority by serving upon the assessee a notice of demand in such form and manner as may be prescribed10direct assessment or recovery not barred14 nothing in this chapter shall prevent either the direct assessment of the person onwhose behalf or for whose benefit the undisclosed income from a source located outside india is receivable or undisclosed asset located outside india is held, or the recovery from such person of the tax or any other sum of money payable in respect of such income and asset15appeals to the commissioner (appeals)15 (1) any person, - (a) objecting to the amount of tax on undisclosed foreign incomeand asset for which he is assessed by the assessing officer;  or (b) denying his liability to beassessed under this act; or (c) objecting to any penalty imposed by the assessing officer; or (d) objecting to an order of rectification having the effect of enhancing the assessment orreducing the refund; or (e) objecting to an order refusing to allow the claim made by the assessee for a rectification under section 12, may appeal to the commissioner (appeals)20(2) every appeal shall be filed in such form and verified in such manner and be accompanied by a fee as may be prescribed(3) an appeal shall be presented within a period of thirty days from— (a) the date of service of the notice of demand relating to the assessment or penalty, or25 (b) the date on which the intimation of the order sought to be appealed against is served in any other case (4) the commissioner (appeals)  may admit an appeal after the expiration of the period referred to in sub-section (3)—30 (a) if he is satisfied that the appellant had sufficient cause for not presenting itwithin that period; and (b) the delay in preferring the appeal does not exceed a period of one year(5) the commissioner (appeals) shall hear and determine the appeal and, subject to the provisions of this act, pass such orders as he thinks fit and such orders may include an order enhancing the assessment or penalty:35 provided that an order enhancing the assessment or penalty shall not be made unless the assessee has been given a reasonable opportunity of being heardprocedure to be followed in appeal16 (1) the commissioner (appeals) shall fix a date and place for the hearing of the appeal, and shall give notice of the same to the appellant and the assessing officer against whose order the appeal is preferred40(2) the following shall have the right to be heard at the hearing of the appeal, namely:—(a) the appellant, either in person or by an authorised representative;(b) the assessing officer, either in person or by a representative(3) the commissioner (appeals) may adjourn the hearing of the appeal whenever he considers it necessary or expedient to do so45(4) the commissioner (appeals) may, before disposing of any appeal, make such further inquiry as he thinks fit5(5) the commissioner (appeals) may, during the proceedings before him, direct the assessing officer to make an inquiry and report to him on the points arising out of any question of law or fact(6) the commissioner (appeals) may, at the hearing of an appeal, allow the appellant to go into any ground of appeal not specified in the grounds of appeal, if the commissioner (appeals) is satisfied that the omission was not wilful or unreasonable10(7) the order of the commissioner (appeals) disposing of the appeal shall be in writing and shall state the points for determination, the decision thereon and the reasons therefor15(8) every appeal preferred under section 15 shall be heard and disposed of by the commissioner (appeals) as expeditiously as possible and endeavour shall be made to dispose of such appeal within a period of one year from the end of the financial year in which the appeal is preferred(9) on the disposal of the appeal, the commissioner (appeals) shall communicate the order passed by him to the assessee and to the principal chief commissioner or the chief commissioner or the principal commissioner or the commissioner2017 (1) in disposing of an appeal, the commissioner (appeals) shall have the following powers, namely:—powers of commissioner (appeals)(a) in an appeal against an order of assessment, he may confirm, reduce,enhance or annul the assessment;(b) in an appeal against an order imposing a penalty, he may confirm or cancelsuch order;25(c) in any other case, he may determine the issues arising in the appeal andpass such orders thereon, as he thinks fit(2) the commissioner (appeals) may consider and decide any matter which was not considered by the assessing officer(3) the commissioner (appeals) shall not enhance an assessment or a penalty unless the appellant has had an opportunity of being heard30(4) in disposing of an appeal, the commissioner (appeals) may consider and decide any matter arising out of the proceedings in which the order appealed against was passed, notwithstanding that such matter was not raised before him by the appellant35appeals to appellate tribunal18 (1) any assessee aggrieved by an order passed by the commissioner (appeals)under section 15, or an order passed by the principal commissioner or the commissioner under any provision of this act, may appeal to the appellate tribunal against such order(2) the principal commissioner or the commissioner may, if he objects to any order passed by the commissioner (appeals) under any provision of this act, direct the assessing officer to appeal to the appellate tribunal against the order40(3) every appeal under sub-section (1) or sub-section (2) shall be filed within a periodof sixty days from the date on which the order sought to be appealed against is communicated to the assessee or to the principal commissioner or the commissioner, as the case may be45(4) the assessing officer or the assessee, as the case may be, on receipt of notice that an appeal against the order of the commissioner (appeals) has been preferred under subsection (1) or sub-section (2) by the other party may, notwithstanding that he may not have appealed against such order or any part thereof, within thirty days of the receipt of the notice, file a memorandum of cross-objections, verified in the prescribed manner, against any part of the order of the commissioner (appeals), and such memorandum shall be disposed of by the appellate tribunal as if it were an appeal presented within the time specified in sub-section (3)5 (5) the appellate tribunal may admit an appeal or permit the filing of a memorandum of cross-objections after the expiry of the period referred to in sub-section (3) or sub-section (4), if — (a) it is satisfied that there was sufficient cause for not presenting it within that period; and (b) the delay in filing the appeal does not exceed a period of one year10(6) an appeal to the appellate tribunal shall be filed in such form, and verified in suchmanner and, shall, except in the case of an appeal referred to in sub-section (2) or a memorandum of cross-objections referred to in sub-section (4), be accompanied by a fee as may be prescribed15(7) subject to the provisions of this act, in hearing and making an order on any appeal under this section, the appellate tribunal shall exercise the same powers and follow the procedure as it exercises and follows in hearing and making an order on any appeal under the income-tax actappeal to high court19 (1) an appeal shall lie to the high court from every order passed in appeal by the appellate tribunal, if the high court is satisfied that the case involves a substantial question of law20 (2) the principal chief commissioner or the chief commissioner or the principal commissioner or the commissioner or an assessee, may file an appeal to the high court on being aggrieved by any order passed by the appellate tribunal and such appeal shall be—25(a) filed within a period of one hundred and twenty days from the date onwhich the order appealed against is received by principal chief commissioner or the chief commissioner or the principal commissioner or the commissioner or the assessee;(b) in the form of a memorandum of appeal precisely stating therein thesubstantial question of law involved30 (3) the high court may admit an appeal after the expiry of the period of one hundred and twenty days referred to in sub-section (2), if it is satisfied that there was sufficient cause for not filing the appeal within that period(4) if the high court is satisfied that a substantial question of law is involved in any case, it shall formulate that question35(5) the appeal shall be heard only on the question so formulated, and the respondentsshall, at the hearing of the appeal, be allowed to argue that the case does not involve such question40(6) notwithstanding anything in sub-sections (4) and (5), the high court may exercise its power to hear the appeal on any other substantial question of law not formulated by it, if it is satisfied that the case involves such question of law(7) the high court shall decide the question of law so formulated and deliver such judgment thereon containing the grounds on which such decision is founded and may award such cost as it deems fit(8) the high court may determine any issue which—45 (a) has not been determined by the appellate tribunal; or (b) has been wrongly determined by the appellate tribunal, by reason of a decision on the question of law referred to in sub-section (1)5 of 1908(9) the provisions of the code of civil procedure, 1908, relating to appeals to the high court shall, so far as may be, apply in the case of appeals under this section5(10) when the high court delivers a judgment in an appeal filed before it under sub-section (7), effect shall be given to the order passed on the appeal by the assessing officer on the basis of a certified copy of the judgment20 (1) an appeal filed before the high court shall be heard by a bench of not less than two judges of the high court and shall be decided in accordance with the opinion of such judges or if the bench is of more than two judges, by the majority of such judges10case before high court to be heard by not less than two judges(2) where there is no such majority, the judges shall state the point of law upon which they differ and the case shall then be heard upon that point only by one or more of the other judges of the high court and such point shall be decided according to the opinion of the majority of the judges who have heard the case including those who first heard it15appeal to supreme court21 an appeal shall lie to the supreme court from any judgment of the high courtdelivered under section 19 which the high court certifies to be a fit case for appeal to the supreme court5 of 1908hearing before supreme court2022 (1) the provisions of the code of civil procedure, 1908, relating to appeals tothe supreme court shall, so far as may be, apply in the case of appeals under section 21 as they apply in the case of appeals from decrees of a high court (2) the costs of the appeal shall be in the discretion of the supreme court (3) where the judgment of the high court is varied or reversed in the appeal, effect shall be given to the order of the supreme court in the manner provided in sub-section (10) of section 192523 (1) the principal commissioner or the commissioner may, for the purposes ofrevising any order passed in any proceeding under this act before any tax authority subordinate to him, call for and examine all available records relating theretorevision of orders prejudicial to revenue30(2) the principal commissioner or the commissioner may, after giving the assesseean opportunity of being heard, pass an order (hereinafter referred to as the revision order) as the circumstances of the case justify, if he is satisfied that the order sought to be revised is erroneous in so far as it is prejudicial to the interests of the revenue(3) the principal commissioner or the commissioner may make, or cause to be made, such inquiry as he considers necessary for the purposes of passing an order under sub-section (2)35(4) the revision order passed by the principal commissioner or the commissionerunder sub-section (2) may have the effect of enhancing or modifying the assessment butshall not be an order cancelling the assessment and directing a fresh assessment40(5) the power of the principal commissioner or the commissioner under sub-section(2) for revising an order shall extend to such matters as have not been considered and decided in any appeal(6) no order under sub-section (2) shall be made after the expiry of a period of two years from the end of the financial year in which the order sought to be revised was passed45(7) notwithstanding anything in sub-section (6), an order in revision under this section may be passed at any time in respect of an order which has been passed in consequence of, or to give effect to, any finding or direction contained in an order of the appellate tribunal, the high court or the supreme court(8) in computing the period of limitation under sub-section (6), the following shall not be included, namely:—(a) the time taken in giving an opportunity to the assessee to be reheard undersection 7; or5(b) any period during which any proceeding under this section is stayed by anorder or injunction of any court(9) without prejudice to the generality of the foregoing provisions, an order passed by a tax authority shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if in the opinion of the principal commissioner or the commissioner—10(a) the order is passed without making inquiries or verification which, should have been made; or(b) the order has not been made in accordance with any order, direction orinstruction issued by the board; or15(c) the order has not been passed in accordance with any decision, prejudicialto the assessee, rendered by the jurisdictional high court or the supreme court in the case of the assessee or any other person under this act or the income-tax act(10) in this section, "record" shall include all records relating to any proceeding under this act available at the time of examination by the principal commissioner or the commissioner20revision of other orders24 (1)  the principal commissioner or the commissioner may, either suo motu or on an application made by the assessee, for the purposes of revising any order passed by an authority subordinate to him, other than an order to which section 23 applies, call for and examine all available records relating thereto25 (2) the principal commissioner or the commissioner may pass an order, as heconsiders necessary, which is not prejudicial to the assessee (3) the power of the principal commissioner or the commissioner under sub-section (2) ro revise an order shall not extend to such order—(a) against which an appeal has not been filed but the time for filing an appealbefore the commissioner (appeals) has not expired;30(b) against which an appeal is pending before the commissioner (appeals); or (c) which  has been considered and decided in any appeal35(4) the assessee shall make the application for revision of any order referred to in subsection (1), within a period of one year from the date on which the order sought to be revised was communicated to him, or the date on which he otherwise came to know of it, whichever is earlier(5) the principal commissioner or the commissioner may, if he is satisfied that the assessee was prevented by sufficient cause from making the application within the period of one year, admit an application made after the expiry of one year but before expiry of two years from the date referred to in sub-section (4)40(6) every application by an assessee for revision under this section shall be accompanied by such fees as may be prescribed(7) no order under sub-section (2) shall be made after the expiry of—(a) a period of one year from the end of the financial year in which an application is made by the assessee under sub-section (4); or(b) a period of one year from the date of the order sought to be revised, if the order is revised suomotu by the commissioner(8) in computing the period of limitation under sub-section (7), the following shall not be included, namely:—5 (a) the time taken in giving an opportunity to the assessee to be reheard undersection 7; or (b) any period during which any proceeding under this section is stayed by an order or injunction of any court10(9) an order by the principal commissioner or the commissioner declining to interfere shall, for the purposes of this section, be deemed not to be an order prejudicial to the assessee25 notwithstanding any appeal preferred to the high court or the supreme court, the tax shall be paid in accordance with the assessment made under this acttax to be paid pending appeal1526 the high court may, on petition made for the execution of the order in respect of the costs awarded by the supreme court, transmit such order for execution to any court subordinate to itexecution of order for costs awarded by supreme court amendment of assessment on appeal2027 where as a result of an appeal under section 15 or section 18, any change is made in the assessment of a body of individuals or an association of persons or an order for new assessment of a body of individuals or an association of persons is made, the commissioner (appeals) or the appellate tribunal, as the case may be, shall pass an order authorising the assessing officer either to amend the assessment made or make a fresh assessment on any member of the body or associationexclusion of time taken for obtaining copy2528 in computing the period of limitation prescribed for an appeal under this act, the day on which the notice of the order was served upon the assessee without serving a copy of the order the time taken for obtaining a copy of such order, shall be excludedfiling of appeal by tax authority29 (1) the board may, from time to time, issue orders, instructions or directions to other tax authorities, fixing such monetary limits as it may deem fit, for the purpose of regulating the filing of appeal by any tax authority under this chapter30(2) where, in pursuance of the orders, instructions or directions issued under subsection (1), a tax authority has not filed any appeal on any issue in the case of an assessee for any financial year, it shall not preclude such authority from filing an appeal on the same issue in the case of—(a) the same assessee for any other financial year; or (b) any other assessee for the same or any other financial year35(3) notwithstanding that no appeal has been filed by a tax authority pursuant to the orders or instructions or directions issued under sub-section (1), it shall not be lawful for an assessee, being a party in any appeal, to contend that the tax authority has acquiesced in the decision on the disputed issue by not filing an appeal in any case40(4) the appellate tribunal, hearing such appeal, shall have regard to the orders, instructions or directions issued under sub-section (1) and the circumstances under which such appeal was filed or not filed in respect of any case(5) every order, instruction or direction which has been issued by the board fixing monetary limits for filing an appeal shall be deemed to have been issued under sub-section (1) and the provisions of sub-sections (2), (3) and (4) shall apply accordingly30 (1) any amount specified as payable in a notice of demand under section 13 shall be paid within a period of thirty days of the service of the notice, to the credit of the central government in such manner as may be prescribedrecovery of tax dues by assessing officer5(2) where the assessing officer has any reason to believe that it will be detrimental to the interests of revenue, if the period of thirty days referred to in sub-section (1) is allowed, he may, with the previous approval of the joint commissioner, reduce such period as he deems fit10(3) the assessing officer may, on an application made by the assessee, before the expiry of a period of thirty days or the period reduced under sub-section (2) or during the pendency of appeal with the commissioner (appeals), extend the time for payment, or allow payment by instalments, subject to such conditions as he may think fit to impose in the circumstances of the case(4) an assessee shall be deemed to be an assessee in default, if the tax arrear is not paid within the time allowed under sub-section (1) or the period reduced under sub-section (2) or extended under sub-section (3), as the case may be15(5) where an assessee defaults in paying any one of the instalments within the time fixed under sub-section (3), he shall be deemed to be an assessee in default in respect of the whole of the then outstanding amount20(6) the assessing officer may, in a case where no certificate has been drawn up under section 31 by the tax recovery officer, recover the amount in respect of which the assessee is in default, or is deemed to be in default, by any one or more of the modes provided in section 32(7) the tax recovery officer shall be vested with the powers to recover the tax arrear on drawing up of a statement of tax arrear under section 3125recovery of tax dues by tax recovery officer31 (1) the tax recovery officer may draw up under his signature a statement of tax arrears of an assessee referred to in sub-section (4) or sub-section (5) of section 30, in such form, as may be prescribed (such statement hereafter in this chapter referred to as "certificate")30(2) the certificate under sub-section (1) shall stand amended from time to time consequent to any proceeding under this act and the tax recovery officer shall recover the amount so modified(3) the tax recovery officer may rectify any mistake apparent from the record (4) the tax recovery officer shall have the power to extend the time for payment, or allow payment by instalments, subject to such conditions as he may think fit to impose in the circumstances of the case35(5) the tax recovery officer shall proceed to recover from the assessee the amount specified in the certificate by one or more of the modes referred to in section 32 or in the second schedule to the income-tax act40(6) it shall not be open to the assessee to dispute the correctness of any certificate drawn up by the tax recovery officer on any ground whatsoever, but it shall be lawful for the tax recovery officer to cancel the certificate if, for any reason, he thinks it necessary so to domodes of recovery of tax dues32 (1) the assessing officer or the tax recovery officer may require the employer of the assessee to deduct from any payment to the assessee such amount as is sufficient to meet the tax arrear from the assessee45(2) upon requisition under sub-section (1), the employer shall comply with the requisition and shall pay the sum so deducted to the credit of the central government in such manner as may be prescribed5 of 1908(3) any part of the salary, exempt from attachment in execution of a decree of a civil court under section 60 of the code of civil procedure, 1908, shall be exempt from any requisition made under sub-section (1)5(4) the assessing officer or the tax recovery officer may, by notice in writing, require any debtor of the assessee to pay such amount, not exceeding the amount of debt, as is sufficient to meet the tax arrear of the assessee10(5) upon receipt of the notice under sub-section (4), the debtor shall comply with the requisition and shall pay the sum to the credit of the central government in such manner as may be prescribed within the time (not being before the debt becomes due to the assessee) specified in the notice(6) a copy of the notice issued under sub-section (4) shall be forwarded to the assessee at his last address known to the assessing officer or the tax recovery officer and in the case of a joint account, to all the joint holders at their last addresses known to the assessing officer or the tax recovery officer15(7) it shall not be necessary for any pass book, deposit receipt, policy or any other document to be produced for the purpose of any entry, endorsement or the like being made before payment is made, notwithstanding any rule, practice or requirement to the contrary if the notice under sub-section (4) is issued to a post office, banking company, insurer or any other person20(8) any claim in respect of any property, in relation to which a notice under subsection (4) has been issued, arising after the date of the notice, shall be void as against any demand contained in the notice25(9) a person to whom a notice under sub-section (4) has been issued, shall not be required to pay the amount of tax arrear specified therein, or part thereof, if he objects to it by a statement on oath that the sum demanded, or any part thereof, is not due to the assessee or that he does not hold any money for, or on account of, the assessee30(10) the person referred to in sub-section (9) shall be personally liable to the assessing officer or the tax recovery officer, as the case may be, to the extent of his own liability to the assessee on the date of the notice, or to the extent of the liability of the assessee for any sum due under this act, whichever is less, if it is discovered that the statement made by him was false in any respect(11) the assessing officer or the tax recovery officer may amend or revoke any notice issued under sub-section (4) or extend the time for making any payment in pursuance of such notice35(12) the assessing officer or the tax recovery officer shall grant a receipt for anyamount paid in compliance with a notice issued under sub-section (4), and the person sopaying shall be fully discharged from his liability to the assessee to the extent of the amount so paid40(13) any person discharging any liability to the assessee after receipt of a noticeunder sub-section (4) shall be personally liable to the assessing officer or the tax recoveryofficer to the extent of his own liability to the assessee so discharged or to the extent of the liability of the assessee for any sum due under this act, whichever is less45(14) the debtor to whom a notice under sub-section (4) is sent shall be deemed to bean assessee in default, if he fails to make such payment and further proceedings may be initiated against him for the realisation of the amount in the manner provided in this section and the second schedule to the income-tax act50(15) the assessing officer or the tax recovery officer may apply to the court, in whose custody there is money belonging to the assessee, for payment to him of the entire amount of such money or if it is more than the tax arrear, an amount sufficient to meet the tax arrear(16) the assessing officer or the tax recovery officer shall effect the recovery of any tax arrear in the same manner as attachment, distraint and sale of any movable property under the second schedule to the income-tax act, if he is so authorised by the principal chief commissioner or the chief commissioner, or the principal commissioner or the commissioner, by general or special order5(17) in this section,—(a) ''debtor'' in relation to an assessee, means,—(i) any person from whom any money is due, or may become due, to the assessee; or10(ii) any person who holds, or may subsequently hold, any money for, oron account of, the assessee; or(iii) any person who holds, or may subsequently hold, any money for, oron account of, the assessee jointly with any other person;(b) shares of the joint holders in the account shall be presumed, until the contrary is proved, to be equal1533 (1) the tax recovery officer competent to take action under section 31 shall be the tax recovery officer —(a) within whose jurisdiction —tax recovery officer by whom recovery of tax dues is to be effected(i) the assessee carries on his business;(ii) the principal place of business of the assessee is situate;20(iii) the assessee resides; or(iv) any movable or immovable property of the assessee is situate; or(b) who has been assigned jurisdiction under section 625(2) the tax recovery officer, referred to in sub-section (1), may send a certificate, in such manner as may be prescribed, specifying the tax arrear to be recovered, to another tax recovery officer within whose jurisdiction the assessee resides or has property, if the firstmentioned tax recovery officer —(a) is not able to recover the entire amount by sale of the property, movable or immovable, within his jurisdiction; or30(b) is of the opinion that, for the purpose of expediting, or securing, the recoveryof the whole, or any part, of the amount under this chapter, it is necessary to send such certificate(3) the second-mentioned tax recovery officer shall, on receipt of the certificate, assume jurisdiction for recovery of the amount of tax arrear specified therein and proceed to recover the amount in accordance with the provisions of this chapter3534 (1) the liquidator shall inform the assessing officer, who has jurisdiction to assess the undisclosed foreign income and asset of the company, of his appointment within a period of thirty days of his becoming the liquidatorrecovery of tax dues in case of a company in liquidation40(2) the assessing officer shall, within a period of three months from the date on which he receives the information, intimate to the liquidator the amount which, in his opinion, would be sufficient to provide for any tax arrears or any amount which is likely to become payable thereafter, by the company under this act(3) the liquidator—(a) shall not part with any of the assets of the company, or the properties, in his custody until he has been intimated by the assessing officer under sub-section (2); and(b) on being so intimated, shall set aside an amount equal to the amount intimated5(4) upon receipt of the intimation from the assessing officer under sub-section (2), the amount so intimated shall, notwithstanding anything in any other law for the time being in force, be the first charge on the assets of the company remaining after payment of the following dues, namely:— (a) workmen's dues; and1018  of 2013(b) debts due to secured creditors to the extent such debts under clause (iii) of the proviso to sub-section (1) of section 325 of the companies act, 2013 paripassu with such dues15(5) the liquidator shall be personally liable for the payment of the amount payable by the company, if he—(a) fails to inform in accordance with sub-section (1); or(b) fails to set aside the amount as required by sub-section (3)20(6) the obligations and liabilities attached to the liquidator under this section shall attach to all the liquidators jointly and severally in a case where there is more than one liquidator(7) the provisions of this section shall prevail over anything to the contrary contained in any other law for the time being in force(8) in this section,—25(a) "liquidator" in relation to a company which is being wound up, whether under the orders of a court or otherwise, shall include a receiver of the assets of the company;18  of 2013(b) "workmen's dues" shall have the meaning assigned to it in section 325 of the companies act, 201330liability of manager of a company35 (1) every person being a manager at any time during the financial year shall be jointly and severally liable for the payment of any amount due under this act in respect of the company for the financial year, if the amount cannot be recovered from the company(2) the provisions of sub-section (1) shall not apply, if the manager proves that nonrecovery cannot be attributed to any neglect, misfeasance or breach of duty on his part in relation to the affairs of the company35(3) the provisions of this section shall prevail over anything to the contrary contained in the companies act, 2013(4) in this section, "manager" shall include a managing director and both shall have the meaning respectively assigned to them in clause (53) and clause (54) of section 2 of the companies act, 2013joint and several liability of participants18 of 201336 (1) every person, being a participant in an unincorporated body at any time during the financial year, or the representative assessee of the deceased participant, shall be jointly and severally liable, along with the unincorporated body, for payment of any amount payable by the unincorporated body under this act and all the provisions of this act shall apply accordingly5 (2) in case of a limited liability partnership, the provisions of sub-section (1) shall not apply, if the partner proves that non-recovery cannot be attributed to any neglect, misfeasance or breach of duty on his part in relation to the affairs of the partnership6 of 2009 (3) the provisions of this section shall prevail over anything to the contrary contained in the limited liability partnership act, 200810recovery through state government37 if the recovery of tax in any area has been entrusted to a state government under clause (1) of article 258 of the constitution, the state government may direct, with respect to that area or any part thereof, that tax shall be recovered therein with, and as an addition to, any municipal tax or local rate, by the same person and in the manner as the municipal tax or local rate is recovered1520recovery of tax dues in pursuance of agreements with foreign countries or specified territory38 (1) the tax recovery officer may, in a case where an assessee has property in a country or a specified territory outside india, forward a certificate to the board for recovery of the tax arrears from the assessee, where the central government or any specified association in india has entered into an agreement with that country or territory under section 90 or section 90a of the income-tax act or under sub-sections (1), (2) or sub-section (4) of section 73 of this act, as the case may be, for the purposes of recovery of tax (2) on receipt of the certificate under sub-section (3) from the tax recovery officer, the board may take such action thereon as it may deem appropriate having regard to the terms of the agreement with such country or a specified territory2539 (1) the several modes of recovery specified in this chapter shall not affect in any way—recovery by suit or under other law not affected(a) any other law for the time being in force relating to the recovery of debts due to the government; or30(b) the right of the government to institute a suit for the recovery of the taxarrears from the assessee (2) it shall be lawful for the assessing officer, or the government, to have recourse to any such law or suit, notwithstanding that the tax arrears are being recovered from the assessee by any mode specified in this chapter3540 (1) where the assessee has any income from a source outside india which hasnot been disclosed in the return of income furnished under sub-section (1) of section 139of the income-tax act or the return of income has not been furnished under the said subsection, the interest shall be chargeable in accordance with the provisions of section 234a of the income-tax actinterest for default in furnishing return and payment or deferment of advance tax40 (2) where the assessee has any undisclosed income from a source outside india andthe advance tax on such income has not been paid in accordance with part c of chapter xvii of the income-tax act, the interest shall be chargeable  in accordance with the provisions of section 234b and 234c of the income-tax act chapter iv penalties541 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 section1042 if a person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, who is required to furnish a return of his income for any previous year, as required under sub-section (1) of section 139 of the income-tax act or by the provisos to that sub-section, and who at any time during such previous year, penalty in relation to undisclosed foreign income and asset penalty for failure to furnish return in relation to foreign income and asset(i) held any asset (including financial interest in any entity) located outside india as a beneficial owner or otherwise; or15(ii) was a beneficiary of any asset (including financial interest in any entity) located outside india; or(iii) had any income from a source located outside india, and fails to furnish such return before the end of the relevant assessment year, the assessing officer may direct that such person shall pay, by way of penalty, a sum of ten lakh rupees:20 provided that this section shall not apply in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year25 23 of 1955explanation– for determining the value equivalent in rupees of the balance in an account maintained in foreign currency the rate of exchange for calculation of the value in rupees shall be the telegraphic transfer buying rate of such currency as on the date for which the value is to be determined as adopted by the state bank of india constituted under the state bank of india act, 195530 3543 if any person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, who has furnished the return of income for any previous year under sub-section (1) or sub-section (4) or sub-section (5) of section 139 of the said act, fails to furnish any information or furnishes inaccurate particulars in such return relating to any asset (including financial interest in any entity) located outside india, held by him as a beneficial owner or otherwise, or in respect of which he was a beneficiary, or relating to any income from a source located outside india, at any time during such previous year, the assessing officer may direct that such person shall pay, by way of penalty, a sum of ten lakh rupees:penalty for failure to furnish return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside india provided that this section shall not apply in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year40explanation—the value equivalent in rupees shall be determined in the manner provided in the explanation to section 4244 (1) every person who is an assessee in default, or an assessee deemed to be in default, as the case may be, in making payment of tax, and in case of continuing default by such assessee, he shall be liable to a penalty of an amount, equal to the amount of tax arrearpenalty for default in payment of tax arrear45 (2) an assessee shall not cease to be liable to any penalty under sub-section (1)merely by reason of the fact that before the levy of such penalty he has paid the taxpenalty for other defaults45 (1) a person shall be liable to a penalty if he has, without reasonable cause, failed to—(a) answer any question put to him by a tax authority in the exercise of its powers under this act;5(b) sign any statement made by him in the course of any proceedings under this act which a tax authority may legally require him to sign;(c) attend or produce books of account or documents at the place or time, if he is required to attend or to give evidence or produce books of account or other documents, at certain place and time in response to summons issued under section 810(2) the penalty referred to in sub-section (1) shall be a sum which shall not be less than fifty thousand rupees but which may extend to two lakh rupeesprocedure46 (1) the tax authority shall, for the purposes of imposing any penalty under this chapter, issue a notice to an assessee requiring him to show cause why the penalty should not be imposed on him15(2) the notice referred to in sub-section (1) shall be issued—(a) during the pendency of any proceedings under this act for the relevant previous year, in respect of penalty referred to in section 41;(b) within a period of three years from the end of the financial year in which the default is committed, in respect of penalties referred to in section 4520(3) no order imposing a penalty under this chapter shall be made unless the assessee has been given an opportunity of being heard(4) an order imposing a penalty under this chapter shall be made with the approval of the joint commissioner, if—25(a) the penalty exceeds one lakh rupees and the tax authority levying the penalty is in the rank of income-tax officer; or(b) the penalty exceeds five lakh rupees and the tax authority levying the penalty is in the rank of assistant commissioner or deputy commissioner30(5) every order of penalty issued under this chapter shall be accompanied by a notice of demand in respect of the amount of penalty imposed and such notice of demand shall be deemed to be a notice under section 1347 (1) no order imposing a penalty under this chapter shall be passed after the expiry of a period of one year from the end of the financial year in which the notice for imposition of penalty is issued under section 46bar of limitation for imposing penalty35(2) an order imposing, or dropping the proceedings for imposition of, penalty under this chapter may be revised, or revived, as the case may be, on the basis of assessment of the undisclosed foreign income and asset as revised after giving effect to the order of the commissioner (appeals), the appellate tribunal, the high court or the supreme court or order of revision under section 23 or section 2440(3) an order revising or reviving the penalty under sub-section (2) shall not be passedafter the expiry of a period of six months from the end of the month in which order of the commissioner (appeals), the appellate tribunal, the high court or the supreme court is received by the principal chief commissioner or the chief commissioner or the principal commissioner or the commissioner or the order of revision under section 23 or section 24 is passed45(4) in computing the period of limitation for the purposes of this section, the followingtime or period shall not be included—(a) the time taken in giving an opportunity to the assessee to be reheard under section 7; and(b) any period during which a proceeding under this chapter for the levy of penalty is stayed by an order, or injunction, of any court5 chapter v offences and prosecutions48 (1) the provisions of this chapter shall be in addition to, and not in derogation of, the provisions of any other law providing for prosecution for offences thereunder10chapter not in derogation of any other law or any other provision of this act(2) the provisions of this chapter shall be independent of any order under this act that may be made, or has not been made, on any person and it shall be no defence that the order has not been made on account of time limitation or for any other reason15punishment for failure to furnish return in relation to foreign income and asset49 if a person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, who at any time during the previous year, held any asset (including financial interest in any entity) located outside india as a beneficial owner or otherwise, or was a beneficiary of such asset or had income from a source outside india and wilfully fails to furnish in due time the return of income which he is required to furnish under sub-section (1) of section 139 of that act, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine:20 provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of income under sub-section (1) of section 139 of the incometax act if the return is furnished by him before the expiry of the assessment year25 3050 if any person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, who has furnished the return of income for any previous year under sub-section (1) or sub-section (4) or sub-section (5) of section 139 of that act, wilfully fails to furnish in such return any information relating to an asset (including financial interest in any entity) located outside india, held by him, as a beneficial owner or otherwise or in which he was a beneficiary, at any time during such previous year, or disclose any income from a source outside india, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with finepunishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside indiapunishment for wilful attempt to evade tax3551 (1) if a person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, wilfully attempts in any manner whatsoever to evade any tax, penalty or interest chargeable or imposable under this act, he shall be punishable with rigorous imprisonment for a term which shall not be less than three years but which may extend to ten years and with fine40(2) if a person wilfully attempts in any manner whatsoever to evade the payment of any tax, penalty or interest under this act, he shall, without prejudice to any penalty that may be imposable on him under any other provision of this act, be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and shall, in the discretion of the court, also be liable to fine(3) for the purposes of this section, a wilful attempt to evade any tax, penalty or interest chargeable or imposable under this act or the payment thereof shall include a case where any person—45(i) has in his possession or control any books of account or other documents(being books of account or other documents relevant to any proceeding under this act) containing a false entry or statement; or(ii) makes or causes to be made any false entry or statement in such books of account or other documents; or(iii) wilfully omits or causes to be omitted any relevant entry or statement in such books of account or other documents; or5(iv) causes any other circumstance to exist which will have the effect of enablingsuch person to evade any tax, penalty or interest chargeable or imposable under this act or the payment thereof10punishment for false statement in verification52 if a person, makes a statement in any verification under this act or under any rule made thereunder, or delivers an account or statement which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with finep u n i s h m e n t for abetment1553 if a person abets or induces in any manner another person to make and deliver an account or a statement or declaration relating to tax payable under this act which is false and which he either knows to be false or does not believe to be true or to commit an offence under sub-section (1) of section 51, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine20presumption as to culpable mental state54 (1) in any prosecution for any offence under this act which requires a culpable mental state on the part of the accused, the court shall presume the existence of such mental state but it shall be a defence for the accused to prove the fact that he had no such mental state with respect to the act charged as an offence in that prosecutionexplanation—in this sub-section, "culpable mental state" includes intention, motive or knowledge of a fact or belief in, or reason to believe, a fact25(2) for the purposes of this section, a fact is said to be proved only when the court believes it to exist beyond reasonable doubt and not merely when its existence is established by a preponderance of probability3055 (1) a person shall not be proceeded against for an offence under section 49 to section 53 (both inclusive) except with the sanction of the principal commissioner or commissioner or the commissioner (appeals), as the case may be(2) the principal chief commissioner or the chief commissioner may issue such instructions, or directions, to the tax authorities referred to in sub-section (1) as he may think fit for the institution of proceedings under this section35prosecution to be at instance of principal chief commissioner or chief commissioner or principal commissioner or commissioner(3) the power of the board to issue orders, instructions or directions under this act shall include the power to issue orders, instructions or directions (including instructions or directions to obtain its previous approval) to other tax authorities for the proper composition of offences (including an authorisation to file and pursue complaints by one or more inspectors of tax) under this sectionoffences by companies4056 (1) where an offence under this act has been committed by a company, every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company as well as the company shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly45(2) nothing in sub-section (1) shall render any such person liable to any punishment if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence(3) notwithstanding anything in sub-section (1), where an offence under this act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly5(4) where an offence under this act has been committed by a person, being a company, and the punishment for such offence is imprisonment and fine, then, without prejudice to sub-section (1) or sub-section (3), such company shall be punished with fine and every person, referred to in sub-section (1), or the director, manager, secretary or other officer of the company referred to in sub-section (3), shall be liable to be proceeded against and punished in accordance with the provisions of this act10(5) in this section—(a) "company" means a body corporate, and includes —(i) an unincorporated body; (ii) a hindu undivided family;(b) "director", in relation to —15(i) an unincorporated body, means a participant in the body; (ii) a hindu undivided family, means an adult member of the family; and (iii) a company, means a whole-time director, or where there is no such director, any other director or manager or officer, who is in charge of the affairs of the company2057 (1) the entries in the records, or other documents, in the custody of a tax authority shall be admitted in evidence in any proceeding for the prosecution of any person for an offence under this chapterproof of entries in records or documents (2) the entries referred to in sub-section (1) may be proved by the production of—25(a) the records or other documents (containing such entries) in the custody of the tax authority; or(b) a copy of the entries certified by that authority under its signature, as true copy of the original entries contained in the records or other documents in its custody30punishment for second and s u b s e q u e n t offences58 if any person convicted of an offence under section 49 to section 53 (both inclusive)is again convicted of an offence under any of the aforesaid provisions, he shall be punishable for the second and every subsequent offence with rigorous imprisonment for a term which shall not be less than three years, but which may extend to ten years and with fine which shall not be less than five lakh rupees, but which may extend to one crore rupees chapter vi tax compliance for undisclosed foreign income and assets35declaration of undisclosed foreign asset59 subject to the provisions of this chapter, any person may make, on or after the date of commencement of this act but on or before a date to be notified by the central government in the official gazette, a declaration in respect of any undisclosed asset located outside india and acquired from income chargeable to tax under the income-tax act for any assessment year prior to the assessment year beginning on 1st day of april, 2016—40(a) for which he has failed to furnish a return under section 139 of the income-tax act;(b) which he has failed to disclose in a return of income furnished by him under the income-tax act before the date of commencement of this act;(c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the income-tax act or to disclose fully and truly all material facts necessary for the assessment or otherwisecharge of tax560 notwithstanding anything contained in the income-tax act or in any finance act, the undisclosed asset located outside india and declared under section 59 within the time specified therein shall be chargeable to tax at the rate of thirty per cent of value of such undisclosed asset on the date of commencement of this actpenalty1061 notwithstanding anything contained in the income-tax act or in any finance act, the person making a declaration of undisclosed asset located outside india shall, in addition to tax charged under section 60, be liable to penalty at the rate of one hundred percent of such tax| manner       ||--------------|| declaration |62 (1) a declaration under section 59 shall be made to the principal commissioner or the commissioner and shall be in such form and shall be verified in such manner as may be prescribed15 (2) the declaration shall be signed,—20(i) where the declarant is an individual, by the individual himself; where such individual is absent from india, by the individual concerned or by some person duly authorised by him in this behalf; and where the individual is mentally incapacitated from attending to his affairs, by his guardian or by any other person competent to act on his behalf;(ii) where the declarant is a hindu undivided family, by the karta, and where the karta is absent from india or is mentally incapacitated from attending to his affairs, by any other adult member of such family;25(iii) where the declarant is a company, by the managing director thereof, or where for any unavoidable reason such managing director is not able to sign the declaration or where there is no managing director, by any director thereof;(iv) where the declarant is a firm, by the managing partner thereof, or where for any unavoidable reason such managing partner is not able to sign the declaration, or where there is no managing partner as such, by any partner thereof, not being a minor;30(v) where the declarant is any other association, by any member of the association or the principal officer thereof; and(vi) where the declarant is any other person, by that person or by some other person competent to act on his behalf35(3) any person, who has made a declaration under sub-section (1) in respect of his asset or as a representative assessee in respect of the asset of any other person, shall not be entitled to make any other declaration, under that sub-section in respect of his asset or the asset of such other person, and any such other declaration, if made, shall be deemed to be void40time forpayment oftax63 (1) the tax payable under section 60 and penalty payable under section 61 inrespect of the undisclosed asset located outside india, shall be paid on or before a date to be notified by the central government in the official gazette(2) the declarant shall file the proof of payment of tax and penalty on or before the datenotified under sub-section (1), with the principal commissioner or the commissioner beforewhom the declaration under section 59 was made45(3) if the declarant fails to pay the tax in respect of the declaration made under section59 on or before the date notified under sub-section (1), the declaration filed by him shall bedeemed never to have been made under this chapterundisclosed foreign asset declared not to be included in total income564 the amount of undisclosed investment in an asset located outside india declared in accordance with section 59 shall not be included in the total income of the declarant for any assessment year under the income-tax act, if the declarant makes the payment of tax referred to in section 60 and the penalty referred to in section 61 by the date notified under sub-section (1) of section 6327 of 195765 the declarant shall not be entitled, in respect of undisclosed asset located outside india declared or any amount of tax paid thereon, to reopen any assessment or reassessment made under the income-tax act or the wealth-tax act, 1957 or claim any set off or relief in any appeal, reference or other proceeding in relation to any such assessment or reassessmentundisclosed foreign asset declared not to affect finality of completed assessments1066 any amount of tax paid under section 60 or penalty paid under section 61 in pursuance of a declaration made under section 59 shall not be refundabletax in respect of voluntarily disclosed asset not refundable1567 notwithstanding anything contained in any other law for the time being in force, nothing contained in any declaration made under section 59 shall be admissible in evidence against the declarant for the purpose of any proceeding relating to imposition of penalty, other than the penalty leviable under section 61, or for the purposes of prosecution under the income-tax act, 1957 or the wealth-tax act or the foreign exchange management act, 1999 or the companies act, 2013 or the customs act, 1962 declaration not admissible in evidence against declarant27 of 1957 42 of 1999 18 of 2013 52 of 19622068 notwithstanding anything contained in this chapter, where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be void and shall be deemed never to have been made under this chapterdeclaration by misrepresentation of facts to be void69 (1) where the undisclosed asset located outside india is represented by cash(including bank deposits), bullion or any other assets specified in the declaration made under section 59—e x e m p t i o n from wealthtax in respect of assetsspecified in declaration27 of 195725(a) in respect of which the declarant has failed to furnish a return under section14 of the wealth-tax act, 1957 for the assessment year commencing on or before the 1st day of april, 2015; or(b) which have not been shown in the return of net wealth furnished by him for the said assessment year or years; or30(c) which have been understated in value in the return of net wealth furnished by him for the said assessment year or years,27 of 1957then, notwithstanding anything contained in the wealth-tax act, 1957 or any rules made thereunder,—35(i) wealth-tax shall not be payable by the declarant in respect of the assets referred to in clause (a) or clause (b) and such assets shall not be included in his net wealth for the said assessment year or years;40(ii) the amount by which the value of the assets referred to in clause (c) has been understated in the return of net wealth for the said assessment year or years, to the extent such amount does not exceed the voluntarily disclosed income utilised for acquiring such assets, shall not be taken into account in computing the net wealth of the declarant for the said assessment year or yearsexplanation—where a declaration under section 59 is made by a firm, the assets referred to in clause (i) or, as the case may be, the amount referred to in clause (ii) shall not be taken into account in computing the net wealth of any partner of the firm or, as the case may be, in determining the value of the interest of any partner in the firm(2) the provisions of sub-section (1) shall not apply unless the conditions specified in sub-sections (1) and (2) of section 63 are fulfilled by the declarant570 the provisions of chapter xv of the income-tax act relating to liability in specialcases and of section 189 of that act or of chapter v of the wealth-tax act relating to liability to assessment in special cases shall, so far as may be, apply in relation to proceedings under this chapter as they apply in relation to proceedings under the income-tax act or, as the case may be, the wealth-tax actapplicability of certain provisions of income-tax act and of chapter v of wealth-tax act71  the provisions of this chapter shall not apply—10chapter not to apply to certain persons52 of 1974(a) to any person in respect of whom an order of detention has been made under the conservation of foreign exchange and prevention of smuggling activities act,1974: provided that—15(i) such order of detention, being an order to which the provisions of section 9 or section 12a of the said act do not apply, has not been revoked on the report of the advisory board under section 8 of the said act or before the receipt of the report of the advisory board; or20(ii) such order of detention, being an order to which the provisions of section 9 of the said act apply, has not been revoked before the expiry of the time for, or on the basis of, the review under sub-section (3) of section 9, or on the report of the advisory board under section 8, read with sub-section (2) of section 9, of the said act; or25(iii) such order of detention, being an order to which the provisions of section 12a of the said act apply, has not been revoked before the expiry of the time for, or on the basis of, the first review under sub-section (3) of that section, or on the basis of the report of the advisory board under section 8, read with sub-section (6) of section 12a, of the said act; or(iv) such order of detention has not been set aside by a court of competent jurisdiction;30 (b) in relation to prosecution for any offence punishable under chapter ix or chapter xvii of the indian penal code, the narcotic drugs and psychotropic substances act, 1985, the unlawful activities (prevention) act, 1967, the prevention of corruption act, 1988;45 of 1860 61 of 1985 37 of 1967 49 of 1988 27 of 1992 (c) to any person notified under section 3 of the special court (trial of offences relating to transactions in securities) act, 199235(d) in relation to any undisclosed asset located outside india which has been acquired from income chargeable to tax under the income-tax act for any previous year relevant to an assessment year prior to the assessment year beginning on the 1st day of april, 2016—40(i) where a notice under section 142 or sub-section (2) of section 143 orsection 148 or section 153a or section 153c of the income-tax act has been issued in respect of such assessment year and the proceeding is pending before the assessing officer; or45(ii) where a search has been conducted under section 132 or requisitionhas been made under section 132a or a survey has been carried out under section 133a of the income-tax act in a previous year and a notice under subsection (2) of section 143 for the assessment year relevant to such previous year or a notice under section 153a or under section 153c of the said act for anassessment year relevant to any previous year prior to such previous year has not been issued and the time for issuance of such notice has not expired; or(iii) where any information has been received by the competent authority under an agreement entered into by the central government under section 90 or section 90a of the income-tax act in respect of such undisclosed asset5explanation—for the purpose of this sub-clause asset shall include a bank account whether having any balance or not 72 for the removal of doubts, it is hereby declared that—| removal    ||------------|| doubts    || 10         | (a) save as otherwise expressly provided in the explanation to sub-section (1)of section 69, nothing contained in this chapter shall be construed as conferring any benefit, concession or immunity on any person other than the person making the declaration under this chapter;15 (b) where any declaration has been made under section 59 but no tax and penalty has been paid within the time specified under section 60 and section 61, the value of such asset shall be chargeable to tax under this act in the previous year in which such declaration is made;20 (c) where any asset has been acquired or made prior to commencement of this act, and no declaration in respect of such asset is made under this chapter, such asset shall be deemed to have been acquired or made in the year in which a notice under section 10 is issued by the assessing officer and the provisions of this act shall apply accordingly chapter vii general provisions2573 (1) the central government may enter into an agreement with the government of any other country—(a) for the granting of relief in respect of —agreement with foreign countries or specified territories(i) income on which tax has been paid both under this act and under the corresponding law in force in that country; or(ii) tax chargeable under this act;30(b) for the avoidance of double taxation of income under this act and under the corresponding law in force in that country;(c) for exchange of information for the prevention of evasion or avoidance of tax on undisclosed foreign income chargeable under this act or under the corresponding law in force in that country, or investigation of cases of such evasion or avoidance;35(d) for recovery of tax under this act and under the corresponding law in force in that country; or(e) for carrying out any other purpose of this act not expressly covered under clauses (a) to (d) or the corresponding law in force in that country (2) the central government may enter into an agreement with the government of any specified territory outside india for the purposes specified in sub-section (1)40(3) the central government may, by notification, make such provisions as may be necessary for implementing the agreements referred to in sub-sections (1) and (2)45(4) any specified association in india may enter into an agreement with any specified association in the specified territory outside india for the purposes of sub-section (1) and the central government may by notification make such provisions as may be necessary for adopting and implementing such agreement5(5) any term used but not defined in this act or in the agreement referred to in sub-sections (1), (2) or sub-section (4) shall, unless the context otherwise requires, and is not inconsistent with the provisions of this act or the agreement, have the meaning assigned to it in the notification issued by the central government and such meaning shall be deemed to have effect from the date on which the said agreement came into forceservice of notice generally74 (1) the service of any notice, summons, requisition, order or any other communication under this act (herein referred to in this section as "communication") may be made by delivering or transmitting a copy thereof, to the person named therein,—(a) by post or by such courier service as may be approved by the board;5 of 190810(b) in such manner as provided under the code of civil procedure, 1908 for thepurposes of service of summons;21 of 2000(c) in the form of any electronic record as provided in chapter iv of the information technology act, 2000; or15(d) by any other means of transmission of documents, including fax message or electronic mail message, as may be prescribed (2) the board may make rules providing for the addresses including the address for electronic mail or electronic mail message to which the communication referred to in sub-section (1) may be delivered or transmitted to the person named therein2021 of 2000(3) in this section, the expressions "electronic mail" and "electronic mail message"shall have the same meanings as assigned to them in the explanation to section 66a of the information technology act, 200075 (1) a notice or any other document required to be issued, served or given for the purposes of this act by any tax authority shall be authenticated by that authorityauthentication of notices and other documents25 (2) every notice or other document to be issued, served or given for the purposes of this act by any tax authority shall be deemed to be authenticated, if the name and office of a designated tax authority is printed, stamped or otherwise written thereon (3) in this section, a designated tax authority shall mean any tax authority authorised by the board to issue, serve or give such notice or other document after authentication in the manner as provided in sub-section (2)3076 (1) a notice which is required to be served upon a person for the purposes of assessment under this act shall be deemed to have been duly served upon him in accordance with the provisions of this act, if the person has appeared in any proceeding or co-operated in any inquiry relating to an assessmentnotice deemed to be valid in certain circumstances35 (2) the person, referred to in sub-section (1), shall be precluded from taking any objection in any proceeding or inquiry under this act that the notice was— (a) not served upon him;(b) not served upon him in time; or (c) served upon him in an improper manner40(3)the provisions of this section shall not apply, if the person has raised the objection before the completion of the assessment77 (1) any assessee who is entitled or required to attend before any tax authority or the appellate tribunal, in connection with any matter relating to the valuation of any asset, may attend through a valuer approved by the principal commissioner or the commissioner in accordance with such rules as may be prescribedappearance by approved valuer in certain matters45(2) the provisions of sub-section (1) shall not apply in a case where the assessee is required to attend personally for examination on oath or affirmation under section 8appearance by authorised representative78 (1) any assessee who is entitled or required to attend before any tax authority or the appellate tribunal, in connection with any proceeding under this act, may attend through an authorised representative (2) the provisions of sub-section (1) shall not apply in a case where the assessee is required to attend personally for examination on oath or affirmation under section 85 (3) in this section, "authorised representative" means a person authorised by the assessee in writing to appear on his behalf, being—(a) a person related to the assessee in any manner, or a person regularly employed by the assessee;10(b) any officer of a scheduled bank with which the assessee maintains a current account or has other regular dealings;(c) any legal practitioner who is entitled to practice in any civil court in india; (d) an accountant;15(e) any person who has passed any accountancy examination recognised in this behalf by the board; or(f) any person who has acquired such educational qualifications as may be prescribed (4) the following persons shall not be qualified to represent an assessee under sub-section (1), namely:—20(a) a person who has been dismissed or removed from government service; (b) a legal practitioner, or an accountant, who is found guilty of misconduct in his professional capacity by any authority entitled to institute disciplinary proceedings against him;(c) a person, not being a legal practitioner or an accountant, who is found guilty of misconduct in any tax proceedings by such authority as may be prescribed25(5) the principal chief commissioner or the chief commissioner may, by an order in writing, specify the period upto which the disqualification under sub-section (4) shall continue, having regard to the nature of misconduct and such disqualification shall not exceed— (i) in case of clauses (a) and (c) of sub-section (4), a period of ten years;30 (ii) in case of clause (b) of sub-section (4), the period for which the legal practitioner or an accountant is not entitled to practice35 (6) a person shall not be allowed to appear as an authorised representative, if he has committed any fraud or misrepresented the facts which resulted in loss to the revenue and that person has been declared as such by an order of the principal chief commissioner or the chief commissioner38 of 1949explanation—in this section, "accountant" means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the chartered accountants act, 1949 who holds a valid certificate of practice under sub-section (1) of section 6 of that act4079 (1) the amount of undisclosed foreign income and asset computed in accordance with this act shall be rounded off to the nearest multiple of one hundred rupeesrounding off of income, value of asset and tax(2) any amount payable or receivable by the assessee under this act shall be rounded off to the nearest multiple of ten rupees(3) the method of rounding off under sub-section (1) or sub-section (2), shall be such as may be prescribedcongnizance of offences80 no court inferior to that of a metropolitan magistrate or a magistrate of the first class shall try any offence under this act5assessment not to be invalid on certain grounds81 no assessment, notice, summons or other proceedings, made or issued or taken or purported to have been made or issued or taken in pursuance of any of the provisions of this act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such assessment, notice, summons or other proceeding if such assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this actbar of suits in civil courts82 (1) no suit shall be brought in any civil court to set aside or modify any proceedingtaken or order made under this act10(2) no prosecution, suit or other proceeding shall lie against the government or any officer of the government, for anything in good faith done or intended to be done, under this act1583 notwithstanding anything contained in the income-tax act, all information contained in any statement or return made or furnished under the provisions of that act or obtained or collected for the purposes of the said act may be used for the purposes of this actincome-tax papers to be available for purposes of this act20application of provisions of i n c o m e - t a x act84 the provisions of clauses (c) and (d) of sub-section (1) of section 90, clauses (c)and (d) of sub-section (1) of section 90a, sections 119, 133, 134, 135, 138, chapter xv, 237,240, 245, 280, 280a, 280b, 280d, 281, 281b and 284 shall apply with necessary modifications as if the said provisions refer to undisclosed foreign income and asset instead of to incometaxpower to make rules85 (1) the board may, subject to the approval of the central government, by notification in the official gazette, make rules for carrying out the provisions of this act25(2) in particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters:—(a) the manner of determination of the value of an undisclosed foreign assetreferred to in sub-section (2) of section 3;(b) the tax authority to be prescribed for any of the purposes of this act;30(c) the form and manner of service of a notice of demand under sub-section (1)of section 13;(d) the form in which any appeal, revision or cross-objection may be filed underthis act, the manner in which they may be verified and the fee payable in respect thereof;35(e) the form in which the tax recovery officer may draw up the statement of taxarrears under sub-section (1) of section 31;(f) the manner in which the sum is to be paid to the credit of central governmentunder sub-section (2) or sub-section (5) of section 32;(g) the manner in which the tax recovery officer shall send a certificate referredto in sub-section (2) of section 33;40(h) the form in which a declaration referred to in sub-section (1) of section 62 isto be made and the manner in which it is to be verified;(i) the means of transmission of documents under clause (d) of sub-section (1)of section 74;45(j) the procedure for approval of a valuer by the principal commissioner or thecommissioner under section 77;(k) the educational qualifications required, to be an authorised representative under clause (f) of sub-section (3) of section 78;(l) the tax authority under clause (c) of sub-section (4) of section 78;5(m) the method of rounding off of the amount referred to in sub-section (1) or sub-section (2) of section 79;(n) any other matter which by this act is to be, or may be, prescribed10(3) the power to make rules conferred by this section shall include the power to give retrospective effect to the rules or any of them from a date not earlier than the date of commencement of this act and no retrospective effect shall be given to any rule so as to prejudicially affect the interest of assessees15(4) the central government shall cause every rule made under this act to be laid as soon as may be after it is made before each house of parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both houses agree in making any modification in the rule or both houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule20power to remove difficulties86 (1) if any difficulty arises in giving effect to the provisions of this act, the central government may, by order, not inconsistent with the provisions of this act, remove the difficulty : provided that no such order shall be made after the expiry of a period of two years from the date on which the provisions of this act come into force25(2) every order made under this section shall be laid before each house of parliament 87 in section 2 of the central boards of revenue act, 1963, in sub-clause (1) of clause (c),—amendment of section 2 of act 54 of 1963(a) in item (vii), the word "and" occurring at the end shall be omitted; and (b) after item (vii) as so amended, the following item shall be inserted, namely:—3015 of 2003"(viii) the undisclosed foreign income and assets (imposition of tax)act, 2015; and"amendment of act of 15 of 200388 in the prevention of money laundering act, 2002 in the schedule, in part c, after entry 3 relating to the offences against property under chapter xvii of the indian penal code, the following entry shall be inserted, namely:—3545 of 1860"(4) the offence of wilful attempt to evade any tax, penalty or interest referred to in section 51 of the undisclosed foreign income and assets (imposition of tax) act, 2015" statement of objects and reasonsstashing away of black money abroad by some people with intent to evade taxes has been a matter of deep concern to the nation  'black money' is a common expression used in reference to tax-evaded income  evasion of tax robs the nation of critical resources necessary to undertake programs for social inclusion and economic development  it also puts a disproportionate burden on the honest taxpayers as they have to bear the brunt of higher taxes to make up for the revenue leakage caused by evasion  the money stashed away abroad by evading tax could also be used in ways which could threaten the national security2   the central government is strongly committed to the task of tracking down and bringing back undisclosed foreign assets and income which legitimately belong to the nation recognising the limitations of the existing legislation, it is proposed to introduce a new legislation to deal with undisclosed assets and income stashed away abroad3  the supreme court of india has also expressed concern over this issue  the special investigation team constituted by the central government to implement the decision of the supreme court, has also expressed the views that measures may be taken to curb the menace of black money  internationally, a new regime for automatic exchange of financial information is fast taking shape and india is a leading force in this effort4  the new legislation will apply to all persons resident in india and holding undisclosed foreign income and assets a limited window is proposed to persons who have any undisclosed foreign assets such persons may file a declaration before the specified tax authority within a specified period, followed by payment of tax at the rate of 30 per cent and an equal amount by way of penalty  exemptions, deductions, set off and carried forward losses etc shall also be not allowed under the new legislation upon fulfilling these conditions, a person shall not be prosecuted under the bill and the declaration made by him will not be used as evidence against him under the wealth-tax act, the foreign exchange management act (fema), the companies act or the customs act wealth-tax shall not be payable on any asset so disclosed  it is merely an opportunity for persons to become tax compliant before the stringent provisions of the new legislation come into force5 the undisclosed foreign income and assets (imposition of tax) bill, 2015inter alia provides for the following, namely:—(i) concealment of income in relation to a foreign asset will attract penalty equal tothree times the amount of tax (ie, 90 per cent of the undisclosed income or the value of the undisclosed asset) failure to furnish return of income by person holding foreign asset, failure to disclose the foreign asset in the return or furnishing of inaccurate particulars of such asset shall attract a penalty of rs10 lakh(ii) the bill provides for criminal liability with enhanced punishment wilful attemptto evade tax in relation to a foreign income will be punished with rigorous imprisonment from three years to ten years and with fine failure to furnish a return of income though holding a foreign asset, failure to disclose the foreign asset or furnishing of inaccurate particulars of the foreign asset will be punishable with rigorous imprisonment for a term of six months to seven years the provisions will also apply to banks and financial institutions aiding in concealment of foreign income or assets of resident indians or falsification of documents(iii) second and subsequent offence will be punishable with rigorous imprisonmentfor a term of three years to ten years and with fine of rs1 crore to rs25 lakh in prosecution proceedings, the wilful nature of the default shall be presumed and it shall be for the accused to prove the absence of the guilty state of mind(iv)to facilitate enquiry and investigation, authorities under the act have beenvested with the powers of discovery and inspection, issue of commissions, issue of summonses, enforcement of attendance, production of evidence, impounding of books of account and documents(v)the central government has been empowered to enter into agreements with other countries, specified territories and associations outside india inter alia for exchange of information, recovery of tax and avoidance of double taxation(vi)safeguards to prevent misuse have been embedded in the bill it will be mandatory to issue notices and grant of opportunity of being heard, record reasons for various actions and pass written orders  appeal to the income-tax appellate tribunal, and to the jurisdictional high court and the supreme court on substantial questions of law have been provided for(vii)persons holding foreign accounts with minor balances which may not have been reported out of oversight or ignorance have been protected from criminal consequences(viii) the bill also proposes to amend prevention of money laundering act (pmla),2002 to include offence of tax evasion under the proposed legislation as a scheduled offence under pmla 6 the enactment of the proposed new bill will enable the central government to tax undisclosed foreign income and assets acquired from such undisclosed foreign income, and punish the persons indulging in illegitimate means of generating money causing loss to the revenue  it will also prevent such illegitimate income and assets kept outside the country from being utilised in ways which are detrimental to india's social, economic and strategic interests and its national security7  the notes on clauses explain, in detail, the provisions of the undisclosed income and assets (imposition of tax) act, 20158 the bill seeks to achieve the above objectives new delhi;                                                                                                              arun jaitely the  19th  march, 2015———— president's recommendation under articles 117(1) and 274(1) of the constitution of india[copy of letter no f 133/9/2015tpl, dated the 18th  march, 2015 from  shri arun jaitely, minister of finance to the secretary general, lok sabha]the president, having been informed of the subject matter of the proposed bill, recommends, under clauses (1) and (3) of article 117, read with clause (1) of article 274 of the constitution of india, the introduction of the undisclosed foreign income and assets (imposition of tax) bill, 2015 to the lok sabha and also recommends to the lok sabha the consideration of the bill notes on clausesclause 1—of the bill provides that undisclosed foreign income and assets(imposition of tax) bill, 2015 extends to the whole of india it also provides that unless otherwise specified, it shall come into force on the 1st  day of april, 2016clause 2—deals with definitions the said clause provides definition of the terms used in this bill and which have not been separately provided in the respective chapters it defines certain  terms  such as "assessee", "undisclosed foreign income and asset", "undisclosed asset located outside india" etc  it also provides that all other words and expressions used in this bill  but not defined and defined in the income-tax act shall have the meanings respectively assigned to them in that actclause 3—provides for charge of tax it provides that every assessee shall be liable to tax in respect of his total undisclosed foreign income and asset at the rate of thirty per cent of such undisclosed income and asset  it also defines the term "value of an undisclosed asset" to mean the fair market value of an asset (including financial interest in any entity) determined in the prescribed mannerclause 4—deals with the scope of total undisclosed foreign income and asset it provides that the total undisclosed foreign income and asset of any previous year of an assessee shall be,—(a) the income from a source located outside india, which has not been disclosed inthe return of income furnished  under sub-section (1) or sub-section (4) or subsection (5) of section 139 of the income-tax act;(b) the income, from a source located outside india ,in respect of which a return isrequired to be furnished under section 139 of the income-tax act but no return of income has been furnished under sub-section (1) or sub-section (4) or subsection (5) of section 139  of  the income-tax act;(c) the value of any undisclosed asset located outside indiait further provides that any variation made in the income from a source outside india in the assessment or reassessment of the total income of any previous year, of the assessee under the income-tax act in accordance with the provisions of section 29 to section 43c or section 57 to section 59 or section 92c of the said act shall not be included in the total undisclosed foreign incomeit also provides that the income included in the total undisclosed foreign income and asset under this act shall not from part of the total income under the income-tax actclause 5—deals with the computation of total undisclosed foreign income and assetit, inter alia, provides that in computing the total undisclosed foreign income and asset no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee, which is otherwise allowable in accordance with the provisions of the income-tax actit further provides that any income which has been assessed to tax for any assessment year under the income-tax act prior to the assessment year to which this act applies, or which is assessable or has been assessed to tax for any assessment year under this act, shall be reduced from the value of the undisclosed asset located outside india, if, the assessee furnishes evidence to the satisfaction of the assessing officer that the asset  has been acquired from such income which has been assessed or is assessable, as the case may be to taxit also gives an illustration to explain the methodology for proportionate deduction of the amount assessed to tax in the case of an immovable propertyclause 6—provides that the income-tax authorities specified in section 116 of the income-tax act, 1961 (hereafter referred to as income-tax act) shall be the tax authorities for the purposes of this act   the jurisdiction of a tax authority under this act shall be the same as he has under the income-tax act by virtue of orders or directions issued section 120 of that act (including orders or directions assigning the concurrent jurisdiction) or under any other provision of that act  section 118 of the income-tax act and any notification issued thereunder shall apply in relation to the control of tax authorities under this act as they apply in relation to the control of the corresponding income-tax authorities  however, the board may, by notification in the official gazette, make exception in this regardclause 7—provides that the tax authority who succeeds another authority as a result of change in jurisdiction or for any other reason, shall continue the proceedings from the stage at which it was left by his predecessor  it also provides that in such case the assessee may be given an opportunity of being heard, if he so requests, before passing any order in his caseclause 8—relating to powers regarding discovery and production of evidence seeks to provide that the prescribed tax authorities shall, for the purposes of the act, have the same powers as are vested in a court under the code of civil procedure, 1908, while trying a suit in respect of the following matters, namely:—(a) discovery and inspection; (b) enforcing the attendance of any person, including any officer of a banking companyand examining him on oath;(c) compelling the production of books of account and other documents; and (d) issuing commissionsthe said clause further provides that for the purposes of making any inquiry or investigation, the prescribed tax authority shall be vested with the powers referred to above, whether or not any proceedings are pending before itthe said clause also provides that any prescribed tax authority may, subject to the rules made in this behalf, impound any books of account  or other documents produced before it and retain them in its custody for such period as it thinks fit if such authority is of the rank of commissioner and above  any tax authority below the rank of commissioner shall not impound any books of account or other documents without recording his reasons for doing so; or retain in his custody any such books or documents for a period exceeding thirty days without obtaining the approval of the principal chief commissioner or the chief commissioner or the principal commissioner or the commissionerclause 9—provides that any proceeding under this act before a tax authority shall be deemed to be a judicial proceeding within the meaning of section 194 and section 229 and for the purposes of section 197 of the indian penal code, 1860it further provides that every tax authority shall be deemed to be a civil court for the purposes of section 196, but not for the purposes of chapter xxvi of the code of criminal procedure, 1973clause—10 relating to assessment, inter-alia, provides that for the purposes of making an assessment or reassessment under the act, the assessing officer may, on receipt of an information from an income-tax authority under the income-tax act or any other authority under any law for the time being in force or on coming of any information to his notice, serve a notice on any person requiring him to produce or cause to be produced, on a date specified in the notice, any books of accounts or documents or evidence as the assessing officer may require for the purposes of this act  the assessing officer may, from time to time, serve further notices requiring the production of such other accounts or documents or evidence as he may requireit further provides that the assessing officer may make such inquiry, as he considers necessary, for the purpose of obtaining full information in respect of undisclosed foreign income and asset of any person for the relevant financial yearit also provides that the assessing officer shall, after considering the accounts, documents or evidence produced by the assessee, and any relevant material which he has gathered, pass an order in writing whereby assess the undisclosed foreign income and asset and determine the sum payable by the assesseeit also provides that if any person fails to comply with all the terms of a notice issued under the said clause, the assessing officer shall, make the assessment of undisclosed foreign income and asset to the best of his judgment and determine the sum payable by the assesseeclause 11—provides the time limit for completion of assessment and reassessment  it also provides that such time limit shall not apply in respect of  the assessment or re-assessment made in the consequence of, or to give effect to, any finding or direction contained in an order of the appellate authorities or any court in a proceeding otherwise than by way of appeal under the actthe said clause also provides that in computing the period of limitation, certain specified time period shall be excludedit further provides that where any undisclosed foreign income and asset is excluded from the total undisclosed foreign income and asset for an assessment year in respect of an assessee, then, an assessment of such undisclosed foreign income and asset for another assessment year shall, for the purposes of clause 10 and this clause, be deemed to be one made in consequence of, or to give effect to, any finding or direction contained in the said orderclause 12—relating to rectification of mistake, inter alia, provides that a tax authority may amend any order passed by it so as to rectify any mistake apparent from the recordit further provides that no amendment under this clause shall be made after a period of four years from the end of the financial year in which the order sought to be amended was passedit also provides that the tax authority shall, before making an amendment which has the effect of enhancing the undisclosed foreign income and asset or reducing a refund or otherwise increasing the liability of the assessee,  give an opportunity of being heard to the assesseeit also provides that the tax authority concerned may make an amendment under this clause either on its own motion or on the application made to it by the assessee or the assessing officerit also provides that the tax authority shall decide any application received by it within a period of six months from the end of the month in which it is receivedclause 13—provides that any sum payable in consequence of any order made under this act shall be demanded by a tax authority by serving upon the assessee a notice of demand in such form and manner as may be prescribedclause 14—provides that neither the direct assessment of the person on whose behalf or for whose benefit the undisclosed income from a source located outside india is receivable or undisclosed asset located outside india is held, nor the recovery from such person of the tax payable in respect of such income and asset is barredclause—15 relates to appeals before the commissioner (appeals) and, inter alia, provides that any person may file an appeal to the commissioner (appeals) where he (a)objects to the amount of tax on undisclosed foreign income and asset for which he is assessed by the assessing officer;  or (b) denies his liability to be assessed under this act; or (c) objects to any penalty imposed by the assessing officer; or (d) objects to an order of rectification having the effect of enhancing the assessment or reducing the refund; or (e) objects to an order refusing to allow the claim made by him for a rectificationit further provides that for the time period for filing an appeal and the form and manner in which the appeal is to be filedclause 16—relates to procedure to be followed in case of an appeal before the commissioner (appeals) it, inter alia, provides that the commissioner (appeals) may, before disposing of any appeal, make such inquiry as he thinks fit or direct the assessing officer to do so he may also allow the appellant to go into any new ground of appeal if he is satisfied that the omission was not wilful or unreasonableclause 17—relates to the powers of the commissioner (appeals) and, inter alia, provides that in case of an appeal before him, the commissioner (appeals) shall have the power to confirm, reduce, enhance or annul the assessment or to confirm or cancel a penaltyit further provides that the commissioner (appeals) may consider and decide any matter which was not considered by the assessing officerclause 18—relates to appeal to the appellate tribunal and, inter alia, provides that any assessee aggrieved by an order passed by commissioner (appeals) or the principal commissioner or the commissioner may appeal to the appellate tribunal against such ordersimilarly, the principal commissioner or the commissioner may, if he objects to any order passed by the commissioner (appeals) direct the assessing officer to appeal to the appellate tribunal against the orderit further provides that every appeal shall be filed within the time period specified therein and allows the respondent to file a memorandum of cross-objections, against any part of the order of the commissioner (appeals)  the appellate tribunal may admit an appeal, or a memorandum of cross-objections, after the expiry of the specified period if it is satisfied that there was sufficient cause for not presenting it within that time and the delay in filing the appeal does not exceed a period of one yearit also provides that in hearing and making an order on any appeal under this act, the appellate tribunal shall exercise the same powers and follow the procedure as it exercises and follows in hearing and making an order on any appeal under the income-tax actclause 19—relates to appeal to the high court and provides that an appeal shall lie to the high court from every order passed in appeal by the appellate tribunal, if the high court is satisfied that the case involves a substantial question of lawit further provides that the principal chief commissioner or the chief commissioner or the principal commissioner or the commissioner or an assessee, may file an appeal to the high court within the specified time and in the specified form the high court may admit an appeal after the expiry of the specified period, if it is satisfied that there was sufficient cause for not filing the appeal within that period the said clause also provides that the high court may exercise its power to hear the appeal on any other substantial question of law not formulated by it, if it is satisfied that the case involves such question of law and shall decide the question of law so formulated and deliver such judgment as it deems fit the effect shall be given to the order passed on the appeal by the assessing officer on the basis of a certified copy of the judgmentclause 20—provides that an appeal filed before the high court shall be heard by a bench of not less than two judges of the high court and shall be decided in accordance with the opinion of such judges or if the bench is of more than two judges, by the majority of such judgesclause 21—deals with appeal to the supreme court and provides that an appeal shall lie to the supreme court from any judgment of the high court delivered under clause 19 which the high court certifies to be a fit case for appeal to the supreme courtclause 22—relates to hearing before the supreme court  and provides that the provisions of the code of civil procedure, 1908, relating to appeals to the supreme court shall, so far as may be, apply in the case of appeals under clause 21 as they apply in the case of appeals from decrees of a high courtit further provides that where the judgment of the high court is varied or reversed in the appeal, effect shall be given to the order of the supreme court in the manner provided under clause 19clause 23—relates to revision of orders prejudicial to revenue and seeks to, inter alia, provide that the principal commissioner or the commissioner may revise any order passed by any tax authority subordinate to him, after examining all available records, hearing the assessee and making such inquiries as he considers necessary if he is satisfied that the order sought to be revised is erroneous in so far as it is prejudicial to the interests of the revenuethe said clause further provides that the revision order may have the effect of enhancing or modifying the assessment but shall not be an order cancelling the assessment and directing a fresh assessmentfurther, the power of the principal commissioner or the commissioner for revising an order shall not extend to certain orders specified therein besides, no order shall be made after the expiry of a period of two years from the end of the financial year in which the order sought to be revised was passedthe said clause also provides that in order passed by a tax authority shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if it falls in any of the categories specified thereinthe clause also defines the expression "record" clause 24—seeks to provide, inter alia, that the principal commissioner or the commissioner may revise any order passed by a tax authority subordinate to it, other than an order to which clause 23 applies, after examining all available records however, such order shall not be prejudicial to the assesseethe said clause further provides that the power of the principal commissioner or the commissioner shall not extend to such orders as specified thereinthe said clause also provides that the assessee shall make an application for revision of any order within the specified time, accompanied by the prescribed fee further the revision order shall not be passed after expiry of a period of one year from the end of the financial year in which such application is made or a period of one year from the date of the order sought to be revised if the principal commissioner or the commissioner revises the order suo motuclause 25—provides that notwithstanding any appeal preferred to the high court or the supreme court, the tax shall be paid in accordance with the assessment made under this actclause 26—provides that the high court may, on petition made for the execution of the order in respect of the costs awarded by the supreme court, transmit such order for execution to any court subordinate to itclause 27—provides that where as a result of an appeal under clause 15 or clause 18, any change is made in the assessment of a body of individuals or an association of persons or an order for new assessment of a body of individuals or an association of persons is made, the commissioner (appeals) or the appellate tribunal, as the case may be, shall pass an order authorising the assessing officer either to amend the assessment made or make a fresh assessment on any member of the body or associationclause 28—provides that in computing the period of limitation prescribed for an appeal, the day on which the notice of the order was served upon the assessee without serving a copy of the order the time taken for obtaining a copy of such order, shall be excludedclause 29—inter alia, provides that the board may, from time to time, issue orders, instructions or directions to other tax authorities, fixing such monetary limits as it may deem fit, for the purpose of regulating the filing of appeal by any tax authoritythe said clause further provides that where, in pursuance of such order, instruction or direction a appeal has not been filed by the tax authority on any issue in the case of an assessee for any financial year, it shall not be precluded from filing an appeal on the same issue in the case of the same assessee for any other financial year; or any other assessee for the same or any other financial yearthe said clause also provides that it shall not be lawful for an assessee, being a party in any appeal, to contend that the tax authority has acquiesced in the decision on the disputed issue by not filing an appeal in any case and the appellate tribunal, shall have regard to the such orders, instructions or directions issued by the boardclause 30—relating to recovery of tax dues by the assessing officer, inter alia, that any amount specified as payable in a notice of demand under clause 13 shall be paid within a period of thirty days of the service of the notice, to the credit of the central government in prescribed manner however, where the assessing officer has any reason to believe that it will be detrimental to the interests of revenue, he may reduce the period for payment of tax with the previous approval of the joint commissionerthe said clause further provides that the assessing officer may before the expiry of the specified period or during the pendency of appeal with the commissioner (appeals), extend the time for payment, or allow payment by installments, subject to such conditions as he may think fitthe said clause also provides that an assessee shall be deemed to be an assessee in default, if the tax arrear is not paid within the specified timethe said clause also provides that the tax arrear may be recovered by the assessing officer if no certificate has been drawn up under clause 31 by the tax recovery officer and the tax recovery officer shall be vested with the powers to recover the tax arrear on drawing up of a statement of tax arrearclause 31—relating to recovery of tax dues by the tax recovery officer seeks to, inter alia, provide that such officer may draw up under his signature a statement of tax arrears (certificate) and shall proceed to recover from the assessee the amount specified in the certificate by one or more of the modes referred to in clause 32 of this bill or in the second schedule to the income-tax actclause 32—inter alia, seeks to provide for the modes of recovery of tax dues by the assessing officer or the tax recovery officer the recovery of tax arrear can be made through employer, debtor or by applying to the court which has custody over the money belonging to the assessee clause 33—relating to the tax recovery officer by whom recovery of tax dues is to be effective, inter alia, provides as to who shall be the tax recovery officer competent to take action under clause 31 such tax recovery officers shall be within whose jurisdiction the assessee carries on his business; or  the principal place of  business of the assessee is situate; or the assessee resides; or any movable or immovable property of the assessee is situate; or who has been assigned jurisdiction under clause 6this clause further provides that if the tax recovery officer competent to take action under clause 31 is not able to recover the tax arrears, he may send a certificate to another tax recovery officer within whose jurisdiction the assessee resides or has property and then such tax recovery officer shall assume jurisdiction for recovery of tax arrearsclause 34—relating to recovery of tax dues in case of a company in liquidation, inter alia, seeks to provide that the liquidator shall inform the concerned assessing officer, of his appointment within a period of thirty days and thereafter the assessing officer shall intimate to the liquidator, within a period of three months, on which he receives the information, intimate to the liquidator the amount sufficient to provide for any tax arrears or any amount which is likely to become payable thereafter, by the company the liquidator shall not part with any of the assets of the company, or the properties, in his custody until he has been intimated by the assessing officer the amount so intimated shall be the first charge on the assets of the company remaining after payment of the workmen's dues and debts due to secured creditors to the extent specifiedclause 35—relates to liability of manager of a company and, inter alia, provides that every person being a manager at any time during the financial year shall be jointly and severally liable for the payment of any amount due under this act in respect of the company for the financial year, if the amount cannot be recovered from the company these provisions shall not apply, if the manager proves that non-recovery cannot be attributed to any neglect, misfeasance or breach of duty on his part in relation to the affairs of the company these provisions shall prevail over anything to the contrary contained in the companies act, 2013this clause further seeks to define the term "manager" clause 36—relates joint and several liabilities of participants it, inter alia, seeks to provide that every person, being a participant in an unincorporated body at any time during the financial year, or the representative assessee of the deceased participant, shall be jointly and severally liable, along with the unincorporated body, for payment of any amount payable by the unincorporated body under this actthe said clause further provides that in case of a limited liability partnership, these provisions shall not apply, if the partner proves that non-recovery cannot be attributed to any neglect, misfeasance or breach of duty on his part in relation to the affairs of the partnershipclause 37—relates to recovery through state government it seeks to provide that if the recovery of tax in any area has been entrusted to a state government under clause (1) of article 258 of the constitution, the state government may direct, with respect to that area or any part thereof, that tax shall be recovered therein with, and as an addition to, any municipal tax or local rate, by the same person and in the manner as the municipal tax or local rate is recoveredclause 38—relates to recovery of tax dues in pursuance of agreements with foreign countries or specified territories it seeks to, inter alia, provide for procedure to be followed by the board and the tax recovery officer for recovery of tax in this regardclause 39—relates to recovery by suit or under other law not affected it, inter alia, seeks to provide that the several modes of recovery specified in this chapter shall not affect in any way any other law for the time being in force relating to the recovery of debts due to the government, or the right of the government to institute a suit for the recovery of the tax arrears from the assesseeclause 40—relates to interest for default in furnishing return and payment or deferment of advance tax this clause seeks to provide that where the assessee has any income from a source outside india which has not been disclosed in the return of income furnished under sub-section (1) of section 139 of the income-tax act or the return of income has not been furnished under the said sub-section, interest shall be chargeable in accordance with the provisions of section 234a of the income-tax actit further provides that where the assessee has any undisclosed income from a source outside india and the advance tax on such income has not been paid in accordance with part c of chapter xvii of the income-tax act, the interest shall be chargeable in accordance with the provisions of section 234b and 234c of the income-tax actclause 41—relates to penalty in relation to undisclosed foreign income and asset it seeks to provide that the assessing officer may, direct that, in a case where tax has been computed under clause 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 clauseclause 42—relates to penalty for failure to furnish return in relation to foreign income and asset it seeks to provide that if a person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, who is required to furnish a return of his income for any previous year, as required under subsection (1) of section 139 of the income-tax act or by the provisos to that sub-section, and who at any time during such previous year, held any asset (including financial interest in any entity) located outside india as a beneficial owner or otherwise; or  was a beneficiary of any asset (including financial interest in any entity) located outside india; or had any income from a source located outside india, and fails to furnish such return before the end of the relevant assessment year, the assessing officer may direct that such person shall pay, a penalty of ten lakh rupeesthe said clause further provides that no penalty shall be levied in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year it also provides for determining the value equivalent in rupees of the balance in an account maintained in foreign currencyclause 43—relates to 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 this clause seeks to provide that if any person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, who has furnished the return of income for any previous year under subsection (1) or sub-section (4) or sub-section (5) of section 139 of the said act, fails to furnish any information or furnishes inaccurate particulars in such return relating to any asset (including financial interest in any entity) located outside india, held by him as a beneficial owner or otherwise, or in respect of which he was a beneficiary, or relating to any income from a source located outside india, at any time during such previous year, the assessing officer may direct that such person shall pay a penalty of ten lakh rupeesthe said clause further provides that no penalty shall be levied in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous yearclause 44—relates to penalty for default in payment of tax arrear this clause seeks to provide that every person who is an assessee in default, or an assessee deemed to be in default in respect of payment of tax, and in case of continuing default by such assessee, he shall be liable to pay a penalty of an amount, equal to the amount of tax arrearthe said clause further provides that an assessee shall not cease to be liable to any penalty merely by reason of the fact that before the levy of such penalty he has paid the taxclause 45—relates to penalty for other defaults this clause seeks to, inter alia, provide that a person shall be liable to a penalty if he has, without reasonable cause committed the defaults that have been listed therein the said clause also provides that the minimum penalty for the defaults listed therein shall be fifty thousand rupees and maximum penalty shall be of two lakh rupeesclause 46—deals with procedure for imposition of penalties it, inter alia, provides that the specified tax authority shall issue a notice within the stipulated time period to any assessee requiring him to show cause why the penalty should not be imposed on him it further provides that no order imposing a penalty shall be made under chapter iv unless the assessee has been given an opportunity of being heard the said clause also lays down the procedure for approval of an order by the joint commissionerclause 47—relates to bar of limitation for imposing penalty it, inter alia, provides for the time limit for passing the penalty orders it further provides that in computing that period of limitation, certain specified time periods shall be excluded it also provides that an order imposing or dropping the proceedings for imposition of penalty may be revised or revived on the basis of assessment of the undisclosed foreign income and asset as revised after giving effect to the appellate order or the order of revision under clause 23 or clause 24clause 48—provides that chapter iv shall be in addition to and not in derogation of any other law providing for prosecution for offencesit further provides that the provisions of chapter iv shall be independent of any order under this act that may be made, or has not been made, on any person and it shall be no defence that the order has not been made on account of time limitation or for any other reasonclause 49—relates to punishment for failure to furnish returns in relation to foreign income and asset this clause seeks to, inter alia, provide that if a person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, who at any time during the previous year, held any asset (including financial interest in any entity) located outside india as a beneficial owner or otherwise, or was a beneficiary of such asset or had income from a source outside india and wilfully fails to furnish in due time the return of income which he is required to furnish under sub-section (1) of section 139 of that act, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fineit further provides that a person shall not be punished if the return is furnished by him before the expiry of the assessment yearclause 50—relates to punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside india it seeks to provide that if any person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, who has furnished the return of income for any previous year under sub-section (1) or sub-section (4) or subsection (5) of section 139 of that act, wilfully fails to furnish in such return any information relating to an asset (including financial interest in any entity) located outside india, held by him, as a beneficial owner or otherwise or in which he was a beneficiary, at any time during such previous year, or disclose any income from a source outside india, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine clause 51—relates to punishment for wilful attempt to evade tax this clause seeks to provide that if a person, being a resident other than not ordinarily resident in india within the meaning of clause (6) of section 6 of the income-tax act, wilfully attempts in any manner whatsoever to evade any tax, penalty or interest chargeable or imposable under this act, he shall be punishable with rigorous imprisonment for a term which shall not be less than three years but which may extend to ten years and with finethe said clause further provides that if a person wilfully attempts to evade the payment of any tax, penalty or interest, he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and shall, in the discretion of the court, also be liable to finethe said clause also defines the term 'wilful attempt to evade' clause 52—relates to punishment for false statement in verification this clause seeks to provide that if a person, makes a statement in any verification under this act or under any rule made thereunder, or delivers an account or statement which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fineclause 53—relates to punishment for abetment this clause seeks to provide that if a person abets or induces in any manner another person to make and deliver an account or a statement or declaration relating to any tax payable under this act which is false and which he either knows to be false or does not believe to be true or to commit an offence under subclause (1) of clause 51, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fineclause 54—relates to presumption as to culpable mental state this clause seeks to provide that in any prosecution for any offence under this act which requires a culpable mental state on the part of the accused, the court shall presume the existence of such mental state however, the said clause also provides that it shall be a defence for the accused to prove the fact that he had no such mental state with respect to the act charged as an offence in that prosecutionthe said clause further provides that a fact is said to be proved only when the court believes it to exist beyond reasonable doubt and not merely when its existence is established by a preponderance of probabilitythe said clause also defines the term "culpable mental state" clause 55—provides for prosecution to be at the instance of the principal chief commissioner or the chief commissioner or the principal commissioner or the commissioner the said clause, inter alia, seeks to provide that no person shall be proceeded against for an offence under clause 49 to clause 53 except with the sanction of the principal commissioner or commissioner or the commissioner (appeals), as the case may bethe said clause further provides that the principal chief commissioner or the chief commissioner may issue such instructions, or directions, to such principal commissioner or commissioner or commissioner (appeals) as he may think fit for the institution of proceedings under this clauseclause 56—relates to offences by companies in respect of any such offence, this clause seeks to provide that the company as well as every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company as well as the company shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly however, the said clause further provides that any such person shall not be so liable if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offencethe said clause also provides that where an offence under this act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordinglyit also provides that where an offence under this act has been committed by a company, and the punishment for such offence is imprisonment and fine, then, the company shall be punished with fine and every person, referred to in the preceding paragraphs shall be liable to be proceeded against and punished in accordance with the provisions of this actthe said clause also defines the term "company" and "director" clause 57—relates to proof of entries in records or documents this clause seeks to provide that the entries in the records, or other documents, in the custody of a tax authority shall be admitted in evidence in any proceeding for the prosecution of any person for an offence under this chapter vthe said clause further provides that the entries may be proved by the production of the records or other documents (containing such entries) which are in the custody of the tax authority or by the production of a copy of the entries certified by that authority under its signature, as true copy of the original entriesclause 58—relates to punishment for second and subsequent offences this clause seeks to provide that if any person convicted of an offence under clauses 49 to 53 is again convicted of an offence under any of the aforesaid provisions, he shall be punishable for the second and every subsequent offence with rigorous imprisonment for a term which shall not be less than three years, but which may extend to ten years and with fine which shall not be less than five lakh rupees, but which may extend to one crore rupeesclause 59—provides for declaration of undisclosed foreign asset this clause seeks to provide that any person may, on or after the date of commencement of this act but on or before a date to be notified by the central government in the official gazette, make a declaration in respect of any undisclosed asset located outside india and acquired from income chargeable to tax under the income-tax act for any assessment year prior to the assessment year beginning on 1st day of april, 2016 which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the income-tax act or to disclose fully and truly all material facts necessary for the assessment or otherwiseclause 60—relates to charge of tax this clause seeks to provide that notwithstanding anything contained in the income-tax act or in any finance act, the undisclosed asset located outside india and declared under clause 59 within the time specified therein shall be chargeable to tax at the rate of thirty per cent of value of such undisclosed asset on the date of commencement of this actclause 61—relates to penalty this clause seeks to provide that notwithstanding anything contained in the income-tax act or in any finance act, the person making a declaration of undisclosed asset located outside india shall, in addition to tax charged under clause 60, be liable to penalty at the rate of one hundred percent of such taxclause 62—relates to manner of declaration this clause seeks to provide that a declaration under clause 59 shall be made to the principal commissioner or the commissioner and shall be in prescribed form and shall be verified in the prescribed manner the said clause specifies that when a declaration is made by any person under clause 59, then, who shall be competent to sign such a declarationthe said clause also provides that any person, who has made a declaration in respect of his asset or as a representative assessee in respect of the asset of any other person, he shall not be entitled to make any other declaration, in respect of his asset or the asset of such other person, and any such other declaration, if made, shall be deemed to be voidclause 63—relates to time for payment of tax it seeks to provide that the tax payable under clause 60 and penalty payable under clause 61 in respect of the undisclosed asset located outside india, shall be paid on or before a date to be notified by the central government in the official gazettethe said clause further provides that the declarant shall file the proof of payment of tax and penalty on or before the notified date with the principal commissioner or the commissioner before whom the declaration under clause 59 was madeit also provides that if the declarant fails to pay the tax on or before the notified date, the declaration filed by him shall be deemed never to have been madeclause 64—provides that the amount of undisclosed investment in an asset located outside india declared in accordance with clause 59 shall not be included in the total income of the declarant for any assessment year under the income-tax act, if the declarant makes the payment of tax referred to in clause 60 and the penalty referred to in clause 61 by the notified dateclause 65—provides that the declarant shall not be entitled, in respect of undisclosed asset located outside india declared or any amount of tax paid thereon, to reopen any assessment or reassessment made under the income-tax act or the wealth-tax act, 1957 or claim any set off or relief in any appeal, reference or other proceeding in relation to any such assessment or reassessmentclause 66—provides that any amount of tax paid under clause 60 or penalty paid under clause 61 in pursuance of a declaration made under clause 59 shall not be refundableclause 67—relates to declaration not admissible in evidence against declarant the said clause seeks to provide that nothing contained in any declaration made under clause 59 shall be admissible in evidence against the declarant for the purpose of any proceeding relating to imposition of penalty, other than the penalty leviable under clause 61, or for the purposes of prosecution under the income-tax act or the wealth-tax act, 1957 or the foreign exchange management act, 1999 or the companies act, 2013 or the customs act, 1962clause 68—relates to declaration by misrepresentation of facts to be void the said clause seeks to provide that where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be void and shall be deemed never to have been made under this chapterviclause 69—relates to exemption from wealth-tax in respect of assets specified in the declaration the said clause, inter alia, seeks to provide that where the undisclosed asset located outside india is represented by cash (including bank deposits), bullion or any other assets specified in the declaration made under clause 59 in respect of which the declarant has not furnished a return under section 14 of the wealth-tax act, 1957 for the assessment year commencing on or before the 1st april, 2015; or which have not been shown or their value has been understated in the return of net wealth for the said assessment year or years, then, notwithstanding anything contained in the wealth-tax act, 1957 or any rules made thereunder, then such asset shall not be included in his net wealth for the said assessment year or years and no wealth tax shall be payable by the declarant in respect of such assetsit further provides that where the value of the asset has been understated in the return of net wealth for the said assessment year or years, such amount to the extent does not exceed the voluntarily disclosed income utilised for acquiring such assets, shall not be taken into account in computing the net wealth of the declarant for the said assessment year or yearsit also provides that where a declaration under clause 59 is made by a firm, such assets shall not be taken into account in computing the net wealth of any partner of the firm or  in determining the value of the interest of any partner in the firmit also provides that the above exemption from wealth tax is applicable only in a case where conditions specified in clause 63 are fulfilled by the declarantclause 70—relates to applicability of certain provisions of income-tax act and of chapter v of wealth-tax act  the said clause seeks to provide that the provisions of chapter xv of the income-tax act relating to liability in special cases and of section 189 of that act or of chapter v of the wealth-tax act, 1957 relating to liability to assessment in special cases shall, so far as may be, apply in relation to proceedings under chapter v as they apply in relation to proceedings under the income-tax act or, as the case may be, the wealth-tax actclause 71—inter alia, provides that the chapter vi relating to tax compliance for undisclosed foreign income and assets shall not apply to the persons and under the circumstances specified thereinclause 72—relates to removal of doubts  the said clause seeks to clarify that—    (a) except as provided in the explanation to sub-clause (1) of clause 69, nothingcontained in chapter vi shall be construed as conferring any benefit, concession or immunity on any person other than the person making the declaration therein;  (b) where any declaration has been made under clause 59 but no tax and penaltyhas been paid within the time specified under clause 60 and clause 61, the value of such asset shall be chargeable to tax in the previous year in which such declaration is made;    (c) where any asset has been acquired or made prior to commencement of this act,and no declaration in respect of such asset is made under the said chapter vi, such asset shall be deemed to have been acquired or made in the year in which a notice under clause 10 is issued by the assessing officer and the provisions of this act shall apply accordinglyclause 73—relates to agreement with foreign countries or specified territories the said clause, inter alia, seeks to provide that the central government may enter into an agreement with the government of any other country or specified territory for exchange of information for the prevention of evasion or avoidance of tax on undisclosed foreign income chargeable under this act or under the corresponding law in force in that country, or investigation of cases of such evasion or avoidance; for recovery of tax under this act and under the corresponding law in force in that country; or for carrying out any other purpose of this act or the corresponding law in force in that country where for such agreements, the other country has designated certain associations, the clause provides that any specified association in india may enter into such agreement with the specified association of the specified territory outside india and the central government will notify the agreement for adopting itclause 74—relates to service of notice generally the said clause seeks to provide for the manner of service of any notice, summons, requisition, order etc under this actclause 75—relates to authentication of notices and other documents the said clause seeks to provide the manner of authentication of a notice or any other document required to be issued or served or given for the purposes of this actclause 76—relates to notice deemed to be valid in certain circumstances the said clause seeks to provide that a notice would be deemed to be duly served if the person has appeared in any proceeding or co-operated in any inquiry relating to an assessment this provision will not apply, if the person has raised the objection before the completion of the assessmentclause 77—relates to appearance by approved valuer in certain matters the said clause seeks to provide that any assessee entitled or required to attend before any tax authority or the appellate tribunal, in connection with valuation of any asset, may attend through a approved valuer except where he is required to attend personallyclause 78—relates to appearance by authorised representative the said clause, inter alia, seeks to provide that any assessee entitled or required to attend before any tax authority or the appellate tribunal, in connection with any proceeding under this act, may attend through an authorised representative except where he is required to attend personallythe said clause further seeks to provide the meaning of "authorised representative"and persons not qualified to represent an assesseeclause 79—relates to rounding off of income, value of asset and tax the said clause seeks to provide that the amount of undisclosed foreign income and asset computed in accordance with this act shall be rounded off to the nearest multiple of one hundred rupees it further provides that any amount payable or receivable by the assessee under this act shall be rounded off to the nearest multiple of ten rupees it also provides that the method of rounding off shall be such as may be prescribedclause 80—relates to congnizance of offences the said clause seeks to provide that no court inferior to that of a metropolitan magistrate or a magistrate of the first class shall try any offence under this actclause 81—relates to assessment not to be invalid on certain grounds the said clause seeks to provide that no assessment, notice, summons or other proceedings, made or issued or taken or purported to have been made or issued or taken in pursuance of any of the provisions of this act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such assessment, notice, summons or other proceeding if such assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this act clause 82—relates to bar of suits in civil courts the said clause seeks to provide that no suit shall be brought in any civil court to set aside or modify any proceeding taken or order made under this actthe said clause further provides that no prosecution, suit or other proceeding shall lie against the government or any officer of the government, for anything in good faith done or intended to be done, under this actclause 83—relates to income-tax papers to be available for purposes of this act the said clause seeks to provide that notwithstanding anything contained in the income-tax act, all information contained in any statement or return made or furnished under the provisions of that act or obtained or collected for the purposes of the said act may be used for the purposes of this actclause 84—relates to application of provisions of the income-tax act the said clause seeks to specify certain sections of the income-tax act that shall apply with necessary modifications as if the said provisions refer to undisclosed foreign income and asset instead of to income taxclause 85—relates to power to make rules the said clause seeks to empower the board to make rules for carrying out the provisions of this act, subject to the approval of the central governmentthe said clause seeks to provide, inter alia, the form in which appeals under clause 15or clause 18 may be filed and the manner in which they may be verified; the procedure to be followed on applications for rectification of mistakes and application for refunds; the fee payable in respect of any reference or appeal; and any other matter which by this act is to be, or may be, prescribedthe said clause further seeks to provide that the power to make rules shall include the power to give retrospective effect from a date not earlier than the date of commencement of this actthe said clause also specifies the time and consequence of laying of every rule made under this act before each house of parliamentclause 86—relates to power to remove difficulties the said clause seeks to provide that if any difficulty arises in giving effect to the provisions of this act, the central government may, by an order, remove the difficulty however, no such order shall be made after the expiry of a period of two years from the date on which the provisions of this act come into forcethe said clause further provides that every order made under this clause shall be laid before each house of parliament clause 87—relates to amendment of section 2 of act 54 of 1963  the said clause seeks to amend of clause 1 of clause (c) of section 2 of the central boards of revenue act,1963, so as to include the undisclosed foreign income and assets (imposition of tax) act, 2015 within the purview of central board of direct taxesclause 88—relates to amendment of act 15 of 2003 the said clause seeks to include wilful attempt to evade tax in relation to undisclosed foreign income and asset referred to in clause 51 of the undisclosed foreign income and assets (imposition of tax) act, 2015 in part c of the prevention of money laundering act, 2002 financial memorandumthis bill seeks to make provision for taxation of undisclosed income from a source, or the value of an undisclosed asset, located outside india the bill is proposed to be administered by the central board of direct taxes  thus no significant additional expenditure is contemplated on the enactment of the bill memorandum regarding delegated legislationsub-clause (2) of clause 3 of the bill seeks to provide that value of an undisclosed asset means the fair market value of an asset (including financial interest in any entity) determined in such manner as may be prescribed2 sub-clause (1) of clause 8 of the bill seeks to provide that the prescribed tax authorities shall, for the purposes of this act, have the same powers as are vested in a court under the code of civil procedure, 1908, while trying a suit in respect of the matters specified in the said clause further, sub-clause 3 of clause 8 of the bill seeks to provide that any tax authority prescribed for the purposes of sub-clause (1) or sub-clause (2) of the said clause may, subject to the rules made in this behalf, impound any books of account or other documents produced before it and retain them in its custody for such period as it thinks fit3 sub-clause (1) of clause 13 of the bill seeks to provide that any sum payable in consequence of any order made under this act shall be demanded by a tax authority by serving upon the assessee a notice of demand in  such form and manner as may be prescribed4 sub-clause (2) of clause 15 of the bill seeks to provide that every appeal, before commissioner (appeals), shall be filed in such form and verified in such manner and be accompanied by a fee as may be prescribed5  sub-clause (4) of clause 18 of the bill seeks to provide that  the assessing officer or the assessee, as the case may be, on receipt of notice that an appeal against the order of the commissioner (appeals) has been preferred before the appellate tribunal under subclause (1) or sub-clause (2) of the said clause by the other party may, notwithstanding that he may not have appealed against such order or any part thereof, within thirty days of the receipt of the notice, file a memorandum of cross-objections, verified in the prescribed manner, against any part of the order of the commissioner (appeals), and such memorandum shall be disposed of by the appellate tribunal as if it were an appeal presented within the time specified in sub-clause (3)sub-clause (6) of the said clause of the bill seeks to provide that an appeal to the appellate tribunal shall be filed in such form, and verified in such manner and, shall, except in the case of an appeal referred to in sub-clause (2) or a memorandum of cross-objections referred to in sub-clause (4), be accompanied by a fee as may be prescribed6 sub-clause (6) of clause 24 of the bill seeks to provide that every application by an assessee for revision under this clause shall be accompanied by such fees as may be prescribed 7 sub-clause (1) of clause 30 of the bill seeks to provide that any amount specified as payable in a notice of demand under clause 13 shall be paid within a period of thirty days of the service of the notice, to the credit of the central government in such manner as may be prescribed8 sub-clause (1) of clause 31 of the bill seeks to provide that the tax recovery officer may draw up under his signature a statement of tax arrears of an assessee referred to in subclause (4) or sub-clause (5) of clause 30, in such form, as may be prescribed9 sub-clause (2) of clause 32 of the bill seeks to provide that upon requisition made by the assessing officer or the tax recovery officer under sub-clause (1) of the said clause, the employer shall comply with the requisition and shall pay the sum so deducted to the credit of the central government in such manner as may be prescribedsub-clause (5) of the said clause provides that upon receipt of the notice from the assessing officer or the tax recovery officer under sub-clause (4) of the said clause, the debtor of the assessee shall comply with the requisition and shall pay the sum to the credit of the central government in such manner as may be prescribed within the time (not being before the debt becomes due to the assessee) specified in the notice10 sub-clause (2) of clause 33 of the bill seeks to provide that, in certain conditions as specified therein, the tax recovery officer, referred to in sub-clause (1) of the said clause, may send a certificate, in such manner as may be prescribed, specifying the tax arrears to be recovered, to another tax recovery officer within whose jurisdiction the assessee resides or has property11  sub-clause (1) of clause 62 of the bill seeks to provide that a declaration, in respect of any undisclosed asset located outside india, under clause 59 of the act shall be made to the principal commissioner or the commissioner and shall be in such form and shall be verified in such manner as may be prescribed12 sub-clause (1) of clause 74 of the bill seeks to provide that the service of any notice, summons, requisition, order or any other communication under the act (herein referred to this clause referred to as "communication") may be made by delivering or transmitting a copy thereof, to the person named therein by any other means of transmission of documents, including fax message or electronic mail message, as may be prescribed13  clause 77 of the bill seeks to provide that a valuer may be approved by the principal commissioner or commissioner in accordance with the rules as may be prescribed14  sub-clause (1) of clause 78 of the bill seeks to provide that any assessee who is entitled or required to attend before any tax authority or the appellate tribunal, in connection with any proceeding under this act, may attend through an authorised representativesub-clause (3) of the said clause provides that authorised representative means a person authorised by the assessee in writing to appear on his behalf, being  any person who has acquired such educational qualifications as may be prescribed sub-clause (4) of  the said clause  provide that a person, not being a legal practitioner or an accountant, who is found guilty of misconduct in any tax proceedings by  such authority as may be prescribed shall not be qualified to represent an assessee under subclause (1) of the said clause15 sub-clause (1) of clause 79 of the bill seeks to provide that the amount of undisclosed foreign income and asset computed in accordance with this act shall be rounded off to the nearest multiple of one hundred rupees sub-clause 2 of clause 79 of the bill seeks to provide that any amount payable or receivable by the assessee under this act shall be rounded off to the nearest multiple of ten rupees sub-clause 3 of clause 79 of the bill seeks to provide that the method of rounding off under sub-clause (1) or sub-clause (2), shall be such as may be prescribed16 the matters in respect which rules may be made are generally matters of procedure and administrative details and it is not practicable to provide for them in the bill itself the delegation of legislative power is, therefore, of a normal character annexureextract from the central boards of revenue act, 1963(54 of 1963)definitions2  in this act, unless the context otherwise requires,— (c) ''direct tax''  means—(i) any duty leviable or tax chargeable under—(i)the estate duty act, 1953;(ii)the wealth-tax act, 1957;(iii)the expenditure-tax act, 1957;(iv)the gift-tax act, 1958;(v)the income-tax act, 1961;(vi)the super profits tax act, 1963;(vii) the interest-tax act, 1974; (viii) the hotel-receipts tax act, 1980;(ix)the expenditure-tax act, 1987;———— a bill to make provisions for undisclosed foreign income and assets, the procedure for dealingwith such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside india and for matters connected therewith or incidental thereto————