The Central Board of Direct Taxes (CBDT) has issued a few notifications establishing Special Courts to prosecute offences relating to black money in Tamil Nadu, Rajasthan, and Delhi.
In the first notification, the Board designated I and II Additional Chief Metropolitan Magistrate Courts E.O. (I) and E.O.(II) at Chennai and Additional Chief Judicial Magistrate Court at Madurai to prosecute the offences relating to section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
The second notification designated Additional Chief Metropolitan Magistrate (Economic Offence), Jodhpur Metropolitan, and Additional Chief Metropolitan Magistrate (Economic Offence), Jaipur Metropolitan-II as the Special Court.
In the third notification, the Government designated the Court of Additional Chief Metropolitan Magistrate (Special Acts), Central, Tis Hazari Courts, Delhi as the Special Court for the purposes of section 280A of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 for the entire National Capital Territory of Delhi.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 aims to curb black money, or undisclosed foreign assets and income, and imposes tax and penalty on such income. The Act has been passed by both the Houses of Parliament. The Act received the assent of the President of India on 26 May 2015. It came into effect on 1 July 2015.
The Act was enacted to penalize persons with black money abroad and to curb overseas diversion of Indian funds with the intention of evading taxes in India.
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