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Section 4: Scope of total undisclosed foreign income and asset.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015Central Act · Act 22 of 2015

(1) Subject to the provisions of this Act, 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 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;

(b) the income, from a source located outside India, in respect of which a return is 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 India.

(2) Notwithstanding anything contained in sub-section (1), 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 income.

(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 Act.

Where this provision sits

ActThe Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Section4
Marginal noteScope of total undisclosed foreign income and asset.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it1

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