Section 88 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
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 (45 of 1860), the following entry shall be inserted, namely:— "(4) The offence of wilful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.".
Summary
- This provision changes the Prevention of Money-laundering Act of 2002.
- It makes the intentional attempt to avoid tax on foreign assets a crime under money laundering rules.
- It specifically adds the crime described in Section 51 of this tax law to the official money laundering list.
- It places this new crime in Part C of the Schedule, which is a specific list of offences at the end of the 2002 law.
Practical examples
FAQ
1. How does Section 88 of the Black Money Act impact the Prevention of Money-laundering Act?
Section 88 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 adds a new entry to the Schedule of the 2002 money laundering law.
2. Which specific section of the Black Money Act is mentioned in Section 88?
Section 88 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 refers to the intentional attempt to evade tax, penalty, or interest mentioned in Section 51.
3. Does Section 88 of the Black Money Act apply to interest evasion?
Yes, Section 88 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 includes the attempt to evade any tax, penalty, or interest.
Test yourself
Q1.Which Act is changed by Section 88 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?
Q2.Under Section 88 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which crime is added to the money laundering list?
Q3.Where in the list of the 2002 law is the new entry placed per Section 88 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?
Q4.According to Section 88 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the entry is placed after which number?
Q5.Under Section 88 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which specific part of this Act is cross-referenced?