Section 58 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
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.
Summary
- Tougher punishments apply to people who are caught and convicted a second time for tax crimes.
- This rule covers repeat offences for things like hiding assets or lying on tax forms.
- The minimum jail time for a second offence is three years of rigorous imprisonment.
- The maximum jail time for repeat offenders can go up to ten years.
- Fines for second and subsequent offences range from five lakh rupees to one crore rupees.
Practical examples
FAQ
1. What is the minimum jail term for a second offence under Section 58 of the Black Money Act?
The minimum punishment for a second or subsequent offence under Section 58 of the Black Money Act is three years of rigorous imprisonment.
2. What is the maximum fine for a repeat offender under Section 58 of the Black Money Act?
Under Section 58 of the Black Money Act, the fine for a second or subsequent offence can be as high as one crore rupees.
3. Which offences trigger the harsher penalties of Section 58 in the Black Money Act?
Harsher penalties under Section 58 of the Black Money Act apply to anyone convicted again of any offence listed in sections 49 to 53.
4. Is the imprisonment different for a second offence under Section 58 of the Black Money Act?
Yes, Section 58 of the Black Money Act mandates rigorous imprisonment, which is a more severe form of jail time, for second and subsequent offences.
Test yourself
Q1.Under Section 58 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, what is the minimum fine for a second conviction?
Q2.What is the maximum term of rigorous imprisonment under Section 58 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, for repeat offenders?
Q3.Under Section 58 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which earlier sections are referenced for repeat offences?
Q4.According to Section 58 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, what is the lowest possible jail sentence for a subsequent offence?