Proposed amendment allows recovery of Black Money Act liabilities from seized assets, aligning with Income-tax Act provisions.

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Full Text of the Document

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....Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets u/s 132B of Income-tax Act, 1961. Currently, liabilities under Income-tax Act, 1961, Wealth-tax Act, 1957, Expenditure-tax Act, 1987, Gift-tax Act, 1958, and Interest-tax Act, 1974 are recoverable from seized assets. Amendment extends this provision to undisclosed foreign income and assets taxed under Black Money Act, 2015. Effective from October 1, 2024.....