NAVIGATING BLACK MONEY:

PROCEDURE AND PENALTIES

GROUP 3
ASTITVA VATSA (1982027)
DEEPSIKHA CHOUDHURY (1982041)
JOYITA GHOSH (1982049)
NISHTHA SINHA (1982058)
 INTRODUCTION
• BLACK MONEY, OR UNDISCLOSED INCOME, IS A GLOBAL CONCERN IMPACTING ECONOMIES AND
CROSS-BORDER TRANSACTIONS.
• INDIA ADDRESSES BLACK MONEY THROUGH LAWS AND REGULATIONS TO DETECT, INVESTIGATE, AND
PROSECUTE OFFENDERS.
• THE BLACK MONEY ACT, 2015, FOCUSES ON UNDISCLOSED FOREIGN INCOME, MANDATING
DISCLOSURE AND IMPOSING TAXES AND PENALTIES.
• INDIVIDUALS WITH UNDISCLOSED FOREIGN INCOME OR ASSETS MUST DISCLOSE INFORMATION TO
THE DESIGNATED AUTHORITY.
• THE ACT ENABLES AUTHORITIES TO CONDUCT INQUIRIES, INVESTIGATIONS, AND ASSESSMENTS,
SUMMON INDIVIDUALS, AND REQUEST DOCUMENT PRODUCTION.
• THE BLACK MONEY ACT ESTABLISHES THE BLACK MONEY AUTHORITY TO ADMINISTER AND MANAGE
CASES RELATED TO UNDISCLOSED INCOME AND ASSETS.
 IMPORTANT COMPONENTS
• ASSESSE- (I) THE LAW, OUTLINED IN SECTION 3, APPLIES EXCLUSIVELY TO INDIVIDUALS RESIDING IN INDIA OR CONSIDERED
ORDINARY RESIDENTS (ROR). NON-RESIDENTS (NOR) ARE NOT CONSIDERED ASSESSES UNDER THIS LAW, MAKING IT
INAPPLICABLE TO THEM

(II) VOLUNTARY COMPLIANCE PROVISIONS: WHILE REGULAR CHARGING AND ENFORCEMENT PROVISIONS DO NOT APPLY TO
NON-RESIDENTS, VOLUNTARY COMPLIANCE PROVISIONS (SECTIONS 59 TO 72) ALLOW ANYONE, INCLUDING NON-RESIDENTS, TO
VOLUNTARILY DECLARE UNDISCLOSED INCOME AND WEALTH. HOWEVER, THE LAW'S PRIMARY FOCUS IS ON BRINGING BACK
UNDISCLOSED MONEY HELD ABROAD BY INDIAN RESIDENTS.

• SCOPE OF INCOME UNDER BML: THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX
ACT EXCLUSIVELY ADDRESSES UNDISCLOSED FOREIGN INCOMES SUBJECT TO INDIAN TAX, SPECIFICALLY FOCUSING ON
ASSETS SITUATED OUTSIDE INDIA.

• TAX COMPUTATION : (I) THE BLACK MONEY ACT MANDATES EVERY ASSESSEE TO PAY A THIRTY PERCENT TAX ON THEIR TOTAL
UNDISCLOSED FOREIGN INCOME AND ASSETS FOR ASSESSMENT YEARS STARTING FROM APRIL 1, 2016. THE TAX ON
UNDISCLOSED ASSETS LOCATED OUTSIDE INDIA IS BASED ON THEIR VALUE IN THE YEAR NOTICED BY THE ASSESSING OFFICER,
WITH THE "VALUE OF AN UNDISCLOSED ASSET" DETERMINED AS THE FAIR MARKET VALUE.

(II) DEDUCTIONS AND NON-DEDUCTIBILITY: SECTION 5 OF THE ACT PROHIBITS THE DEDUCTION OF EXPENSES OR CARRY-
FORWARD LOSSES. HOWEVER, DEDUCTIONS ARE ALLOWED UNDER SECTION 5(1)(II)(A) FOR THE PORTION OF UNDISCLOSED
ASSETS ASSESSABLE FOR INCOME TAX IN INDIA. ONCE AN AMOUNT IS DEEMED TAXABLE UNDER THE BLACK MONEY ACT,
SECTION 5(1)(II)(B) ENSURES THAT IT CANNOT BE TAXED AGAIN UNDER THE SAME LAW.
 TAX MANAGEMENT
• TAX AUTHORITY- INCOME-TAX AUTHORITIES PER SECTION 116 OF THE INCOME-TAX
ACT SERVE AS AUTHORITIES UNDER THE BLACK MONEY ACT, WITH JURISDICTION
BASED ON THEIR INCOME-TAX ACT POWERS, INCLUDING CONCURRENT JURISDICTION.
IF AN ASSESSEE HAS NO INCOME-TAX ACT ASSESSABLE INCOME, JURISDICTION SHIFTS
TO THE AREA OF RESIDENCE, BUSINESS, OR PRINCIPAL PLACE OF BUSINESS. SECTION
118 OF THE INCOME-TAX ACT, ALONG WITH NOTIFICATIONS, APPLIES TO CONTROL TAX
AUTHORITIES UNDER THE BLACK MONEY ACT, UNLESS THE BOARD DIRECTS
OTHERWISE THROUGH AN OFFICIAL GAZETTE NOTIFICATION.
• POWERS: DESIGNATED TAX AUTHORITIES UNDER THE BLACK MONEY ACT WIELD
COURT-LIKE POWERS AKIN TO THE CODE OF CIVIL PROCEDURE, 1908. THIS
ENCOMPASSES DISCOVERY, INSPECTION, COMPELLING ATTENDANCE, DOCUMENT
ENFORCEMENT, AND ISSUING COMMISSIONS. WHILE INQUIRIES OR INVESTIGATIONS
ARE WITHIN THEIR PURVIEW, AUTHORITIES BELOW THE COMMISSIONER'S RANK FACE
RESTRICTIONS, REQUIRING RECORDED REASONS FOR IMPOUNDING MATERIALS AND A
MAXIMUM RETENTION PERIOD OF THIRTY DAYS, UNLESS HIGHER AUTHORITIES
APPROVE.
 ASSESSMENT

a) THE ASSESSING OFFICER HAS THE AUTHORITY TO ISSUE A NOTICE TO ANY PERSON BASED
ON INFORMATION RECEIVED FROM INCOME-TAX AUTHORITIES OR OTHER RELEVANT
AUTHORITIES. THE NOTICE REQUIRES THE PERSON TO PRODUCE NECESSARY ACCOUNTS,
DOCUMENTS, OR EVIDENCE. THE ASSESSING OFFICER CAN CONDUCT INQUIRIES TO
GATHER INFORMATION ABOUT UNDISCLOSED FOREIGN INCOME AND ASSETS.
b) AFTER CONSIDERING THE PROVIDED ACCOUNTS, DOCUMENTS, AND EVIDENCE, AND
CONDUCTING NECESSARY INQUIRIES, THE ASSESSING OFFICER, THROUGH A WRITTEN
ORDER, ASSESSES THE UNDISCLOSED FOREIGN INCOME AND ASSETS OF THE INDIVIDUAL
AND DETERMINES THE PAYABLE SUM.
c) IF A PERSON FAILS TO COMPLY WITH THE NOTICE'S TERMS, THE ASSESSING OFFICER,
AFTER CONSIDERING GATHERED MATERIAL AND PROVIDING THE ASSESSEE AN
OPPORTUNITY TO BE HEARD, ASSESSES THE UNDISCLOSED FOREIGN INCOME AND ASSETS
TO THE BEST OF HIS JUDGMENT.
 TIME LIMIT
• GENERAL TIME LIMIT: NO ASSESSMENT OR REASSESSMENT ORDER UNDER SECTION
10 CAN BE MADE AFTER TWO YEARS FROM THE END OF THE FINANCIAL YEAR IN
WHICH THE NOTICE UNDER SUB-SECTION (1) OF SECTION 10 WAS ISSUED.
• FRESH ASSESSMENT TIME LIMIT: AN ORDER OF FRESH ASSESSMENT, POST AN ORDER
UNDER SECTION 18, MAY BE MADE WITHIN TWO YEARS FROM THE END OF THE
FINANCIAL YEAR IN WHICH THE ORDER UNDER SECTION 18 IS RECEIVED BY THE
PRINCIPAL COMMISSIONER OR THE COMMISSIONER.
• EXCEPTIONS TO TIME LIMITS: SUB-SECTION (1) PROVISIONS DO NOT APPLY TO
ASSESSMENTS OR REASSESSMENTS MADE IN CONSEQUENCE OF ANY FINDING OR
DIRECTION IN SPECIFIED ORDERS. THE TIME LIMIT MAY EXTEND IF THE ASSESSMENT
PROCEEDING IS REOPENED, STAYED BY A COURT ORDER, OR DELAYED DUE TO
INFORMATION EXCHANGE UNDER SPECIFIED AGREEMENTS.
 RECTIFIACTION OF MISTAKES
• THE TAX AUTHORITY CAN AMEND ORDERS TO CORRECT EVIDENT MISTAKES.
• NO AMENDMENTS AFTER FOUR YEARS FROM THE END OF THE RELEVANT
FINANCIAL YEAR.
• AMENDMENTS CANNOT INCREASE UNDISCLOSED FOREIGN INCOME, REDUCE
REFUNDS, OR ENHANCE LIABILITIES WITHOUT THE ASSESSE'S OPPORTUNITY TO BE
HEARD.
• AMENDMENTS CAN BE INITIATED BY THE TAX AUTHORITY OR IN RESPONSE TO
APPLICATIONS FROM THE ASSESSE OR ASSESSING OFFICER.
• APPLICATIONS FOR AMENDMENT MUST BE DECIDED WITHIN SIX MONTHS FROM
THE MONTH OF RECEIPT.
• IF THE ORDER IS FROM AN APPEAL OR REVISION, AMENDMENTS ARE LIMITED TO
UNDECIDED MATTERS IN THE APPEAL OR REVISION.
 APPEAL TO COMMISSIONER (APPEALS)

• FOR DISSATISFACTION WITH ASSESSING OFFICER'S DECISIONS.

• MUST BE FILED WITHIN 30 DAYS FROM NOTICE OF DEMAND OR PENALTY.
• COMMISSIONER (APPEALS) HEARS THE APPEAL, ISSUES ORDERS, AND MAY
ENHANCE ASSESSMENT OR PENALTY.
• APPEALS HANDLED EXPEDITIOUSLY, AIMING FOR RESOLUTION WITHIN ONE
YEAR.
 POWERS OF COMMISSIONER (APPEALS)
• CAN CONFIRM, REDUCE, ENHANCE, OR ANNUL ASSESSMENT FOR TAX AND
PENALTIES.
• CAN CONFIRM OR CANCEL PENALTY ORDERS.
• CAN ADDRESS ISSUES NOT CONSIDERED BY ASSESSING OFFICER.
• CANNOT INCREASE ASSESSMENT OR PENALTY WITHOUT GIVING THE APPELLANT
A CHANCE TO BE HEARD.
APPEALS TO APPELLATE TRIBUNAL
• TAXPAYER UNHAPPY WITH COMMISSIONER (APPEALS) OR ORDERS FROM
PRINCIPAL COMMISSIONER OR COMMISSIONER CAN APPEAL.
• MUST BE FILED WITHIN 60 DAYS.
• APPELLATE TRIBUNAL FOLLOWS INCOME-TAX ACT POWERS AND PROCEDURES.
 APPEALS TO HIGH COURT
• ALLOWED IF APPELLATE TRIBUNAL'S DECISION INVOLVES A SUBSTANTIAL
QUESTION OF LAW.
• APPEAL MUST BE FILED WITHIN 120 DAYS.
• HIGH COURT MAY ACCEPT LATE APPEALS WITH SUFFICIENT CAUSE.
• DECISION BASED ON FORMULATED QUESTIONS.
• HIGH COURT CAN ADDRESS ADDITIONAL ISSUES.
• FOLLOWS CODE OF CIVIL PROCEDURE, 1908.
 APPEALS TO SUPREME COURT

• ALLOWED IF HIGH COURT CERTIFIES JUDGMENT SUITABLE FOR CONSIDERATION.

• FOLLOWS CODE OF CIVIL PROCEDURE, 1908, FOR APPEALS.
• SUPREME COURT DISCRETION OVER COSTS.
• IMPLEMENTATION FOLLOWS OUTLINED PROCEDURE.
 AMENDMENT ON ASSESSMENT ON APPEAL

• CHANGE IN ASSESSMENT DUE TO APPEAL AUTHORIZED BY COMMISSIONER

(APPEALS) OR APPELLATE TRIBUNAL FOR A GROUP.
 BY TAX AUTHORITY

• BOARD ISSUES ORDERS SPECIFYING MONETARY LIMITS FOR FILING APPEALS.

• NO FILING DOESN'T PREVENT FUTURE APPEALS.
• APPELLATE TRIBUNAL CONSIDERS CIRCUMSTANCES RELATED TO FILING OR NOT
FILING.
 REVISION

• PRINCIPAL COMMISSIONER OR COMMISSIONER CAN REVISE ORDERS

PREJUDICIAL TO REVENUE.
• EXAMINES RECORDS, PROVIDES OPPORTUNITY TO BE HEARD, ISSUES REVISION
ORDER.
• REVISION WITHIN TWO YEARS FROM THE END OF THE FINANCIAL YEAR OF THE
ORIGINAL ORDER.
• EXCEPTIONS FOR ORDERS INFLUENCED BY FINDINGS OR DIRECTIONS FROM
HIGHER AUTHORITIES.
 REVISION OF OTHER ORDERS

• PRINCIPAL COMMISSIONER OR COMMISSIONER CAN REVIEW ORDERS

SUBORDINATE TO THEM.
• NO REVISION FOR ORDERS WITH PENDING APPEALS OR ALREADY CONSIDERED.
• ASSESSE MUST APPLY FOR REVISION WITHIN ONE YEAR, WITH A FEE.
• NO ORDER AFTER ONE YEAR FROM THE END OF THE FINANCIAL YEAR OF THE
APPLICATION.
• LIMITATION PERIODS EXCLUDE TIME FOR REHEARING THE ASSESSE OR PERIODS
STAYED BY COURT ORDERS.
 SECTION 59. DECLARATION OF
UNDISCLOSED FOREIGN ASSET.
• INDIVIDUALS CAN DECLARE UNDISCLOSED ASSETS LOCATED OUTSIDE INDIA ACQUIRED FROM
TAXABLE INCOME UNDER THE INCOME-TAX ACT BEFORE THE ASSESSMENT YEAR STARTING
FROM APRIL 1, 2016.
• THIS DECLARATION CAN BE MADE FROM THE ACT'S COMMENCEMENT DATE UNTIL A DATE
SPECIFIED BY THE CENTRAL GOVERNMENT IN THE OFFICIAL GAZETTE.
• IT APPLIES TO ASSETS:
 ASSETS FOR WHICH THE PERSON FAILED TO FILE A RETURN UNDER SECTION 139 OF THE
INCOME-TAX ACT.
 ASSETS NOT DISCLOSED IN THE INCOME TAX RETURN BEFORE THIS ACT'S COMMENCEMENT.
 ASSETS THAT ESCAPED ASSESSMENT DUE TO THE PERSON'S FAILURE TO FILE A RETURN OR
FULLY DISCLOSE MATERIAL FACTS NECESSARY FOR ASSESSMENT.
 SECTION 62. MANNER OF DECLARATION.
1. A DECLARATION SHALL BE MADE TO THE PRINCIPAL COMMISSIONER OR THE COMMISSIONER AND SHALL BE IN PRESCRIBED FORM AND SHALL BE VERIFIED.
2. THE DECLARATION SHALL BE SIGNED, —
• INDIVIDUAL DECLARANT: BY THE INDIVIDUAL THEMSELVES, IF ABSENT FROM INDIA, BY AN AUTHORIZED PERSON, IF MENTALLY INCAPACITATED, BY A GUARDIAN OR COMPETENT REPRESENTATIVE.
• HINDU UNDIVIDED FAMILY: BY THE KARTA, IF ABSENT OR INCAPACITATED, BY ANOTHER ADULT MEMBER.
• COMPANY: BY THE MANAGING DIRECTOR OR ANY DIRECTOR IN UNAVOIDABLE CIRCUMSTANCES.
• FIRM: BY THE MANAGING PARTNER OR ANY PARTNER, NOT A MINOR, IN UNAVOIDABLE SITUATIONS.
• OTHER ASSOCIATION OR PERSON: BY A MEMBER OF THE ASSOCIATION OR THE PRINCIPAL OFFICER, BY THE PERSON THEMSELVES OR SOMEONE COMPETENT TO ACT ON THEIR BEHALF.
3. ONCE A DECLARATION IS MADE:
• REGARDING THEIR ASSET OR SOMEONE ELSE'S ASSET AS A REPRESENTATIVE ASSESSEE.
• NOT ALLOWED TO MAKE ANOTHER DECLARATION FOR THE SAME ASSET OR SOMEONE ELSE'S ASSET.
• ANY SUBSEQUENT DECLARATION MADE WILL BE CONSIDERED VOID.
 SECTION 64: UNDISCLOSED FOREIGN ASSET
DECLARED NOT TO BE INCLUDED IN TOTAL
INCOME.
• UNDISCLOSED FOREIGN ASSET INVESTMENT, DECLARED UNDER SECTION 59,
STAYS EXCLUDED FROM THE DECLARANT'S TOTAL INCOME FOR ANY
ASSESSMENT YEAR.
• THIS EXCLUSION OCCURS IF THE DECLARANT FULFILLS THE FOLLOWING:
i. PAYS THE TAX AS MENTIONED IN SECTION 60.
ii. SETTLES THE PENALTY OUTLINED IN SECTION 61.
• PAYMENT OF TAX AND PENALTY MUST BE COMPLETED BY THE DATE SPECIFIED
UNDER SECTION 63(1) NOTIFICATION.
 SECTION 65:
UNDISCLOSED FOREIGN
ASSET DECLARED NOT
SECTION 67: DECLARATION
TO AFFECT FINALITY OF NOT ADMISSIBLE IN SECTION 68: DECLARATION
COMPLETED EVIDENCE AGAINST BY MISREPRESENTATION
ASSESSMENTS. DECLARANT. OF FACTS TO BE VOID.

ONCE A DECLARANT • DECLARATIONS MADE • IF A DECLARATION IS MADE

DISCLOSES UNDISCLOSED
FOREIGN ASSETS OR PAYS
TAXES ON THEM, THEY ARE
NOT ALLOWED TO:
• REOPEN ASSESSMENTS OR
REASSESSMENTS MADE • IMPOSING
UNDER THE INCOME-TAX
ACT OR THE WEALTH-TAX
ACT, 1957.
• CLAIM ANY SET OFF OR
RELIEF IN APPEALS,
REFERENCES, OR OTHER
PROCEEDINGS RELATED TO
THESE ASSESSMENTS OR
UNDER SECTION 59 CANNOT BY MISREPRESENTATION OR
BE USED AS EVIDENCE BY HIDING IMPORTANT
AGAINST THE DECLARANT FACTS, IT WILL BE
IN PROCEEDINGS RELATED CONSIDERED INVALID.
TO:
• SUCH A DECLARATION WILL
PENALTIES, BE VOID AND TREATED AS IF
EXCEPT FOR PENALTIES IT WAS NEVER MADE UNDER
UNDER SECTION 61 OR THIS CHAPTER OF THE LAW.
PROSECUTION UNDER THE
INCOME-TAX ACT, WEALTH-
TAX ACT, FOREIGN
EXCHANGE MANAGEMENT
ACT, COMPANIES ACT, OR
CUSTOMS ACT.
 SECTION 69: EXEMPTION FROM WEALTH-TAX
IN RESPECT OF ASSETS SPECIFIED IN
• DECLARATION.
UNDISCLOSED ASSETS OUTSIDE INDIA:

• ASSETS REPRESENTED BY CASH, BULLION, OR SPECIFIED ASSETS AS PER SECTION 59 DECLARATION.

• CONDITIONS FOR UNDISCLOSED ASSETS LOCATED OUTSIDE INDIA:

(A) FAILURE TO FURNISH A RETURN UNDER SECTION 14 OF THE WEALTH-TAX ACT, 1957 FOR THE RELEVANT ASSESSMENT YEAR BEFORE APRIL 1,
2015.

(B) ASSETS NOT SHOWN IN THE NET WEALTH RETURN FOR THE ASSESSMENT YEAR OR YEARS.

(C) UNDERSTATED VALUE OF ASSETS IN THE NET WEALTH RETURN.

• PROVISIONS AND EXEMPTIONS:

- WEALTH-TAX NOT PAYABLE BY DECLARANT FOR ASSETS FALLING UNDER (A) OR (B).

- SUCH ASSETS SHALL NOT BE INCLUDED IN THE DECLARANT'S NET WEALTH FOR THE ASSESSMENT YEAR OR YEARS.

- AMOUNT OF VALUE UNDERSTATEMENT IN ASSETS UNDER (C) SHALL NOT BE CONSIDERED IN COMPUTING DECLARANT'S NET WEALTH, TO THE
EXTENT IT DOES NOT EXCEED THE VOLUNTARILY DISCLOSED INCOME USED FOR ACQUIRING THOSE ASSETS.

• EXPLANATION FOR DECLARATION BY A FIRM:

- ASSETS REFERRED TO IN (A) OR THE AMOUNT MENTIONED IN (C) SHALL NOT BE CONSIDERED IN COMPUTING THE NET WEALTH OF ANY PARTNER
OR DETERMINING THE VALUE OF THEIR INTEREST IN THE FIRM.

• CONDITIONS FOR APPLICATION:

- THE PROVISIONS OF SUBSECTION (1) SHALL APPLY ONLY IF THE CONDITIONS SPECIFIED IN SUBSECTIONS (1) AND (2) OF SECTION 63 ARE

SECTION 49: PUNISHMENT
FOR FAILURE TO FURNISH
RETURN IN RELATION TO
FOREIGN INCOME AND ASSET.
• IF AN ASSESSEE FAILS TO
FURNISH RETURN OF INCOME
BEFORE END OF A.Y IN
FOLLOWING CASES.
i. HOLD ANY FOREIGN ASSET
HELD AS BENEFICIAL OWNER
OR OTHERWISE.
ii. WAS A BENEFICIARY OF ANY
FOREIGN ASSET.
iii. HAD FOREIGN INCOME.
• HE SHALL BE PUNISHABLE WITH
RIGOROUS IMPRISONMENT FOR A
TERM WHICH SHALL NOT BE
LESS THAN SIX MONTHS BUT
WHICH MAY EXTEND TO SEVEN
YEARS AND WITH FINE.
PUNISHMENT
SECTION 50. PUNISHMENT FOR FAILURE
TO FURNISH IN RETURN OF INCOME, ANY
INFORMATION ABOUT AN ASSET
(INCLUDING FINANCIAL INTEREST IN
ANY ENTITY) LOCATED OUTSIDE INDIA.
• IF AN ASSESSEE FURNISH RETURN
OF INCOME BEFORE END OF A.Y IN
FOLLOWING CASES BUT FAILS TO
FURNISH ANY INFORMATION
RELATING TO:
i. ANY FOREIGN ASSET HELD AS
BENEFICIAL OWNER OR
OTHERWISE,
ii. WAS A BENEFICIARY OF ANY
FOREIGN ASSET
iii. HAD FOREIGN INCOME
• HE SHALL BE PUNISHABLE WITH
RIGOROUS IMPRISONMENT FOR A
TERM NOT BE LESS THAN SIX
MONTHS BUT WHICH MAY EXTEND
TO SEVEN YEARS AND WITH FINE.
SECTION 51 - PUNISHMENT
FOR WILFUL ATTEMPT TO
EVADE TAX.
• IF AN INDIVIDUAL WILFULLY
ATTEMPTS TO EVADE ANY TAX,
PENALTY OR INTEREST. HE
SHALL BE PUNISHABLE WITH
RIGOROUS IMPRISONMENT FOR
A TERM NOT LESS THAN THREE
YEARS BUT WHICH MAY EXTEND
TO TEN YEARS AND WITH FINE.
• IF ANY OTHER PERSON
WILFULLY ATTEMPTS TO EVADE
THE PAYMENT OF ANY TAX,
PENALTY OR INTEREST, HE
SHALL BE PUNISHABLE WITH
RIGOROUS IMPRISONMENT FOR
A TERM NOT LESS THAN THREE
MONTHS BUT WHICH MAY
EXTEND TO THREE YEARS AND
WITH FINE.
SECTION 52 - PUNISHMENT
FOR FALSE STATEMENT IN
VERIFICATION.
• IF A PERSON, MAKES A FALSE
STATEMENT IN ANY
VERIFICATION OR DELIVERS
FALSE ACCOUNT OR
STATEMENTS.
• WHICH HE EITHER KNOWS OR
BELIEVES TO BE FALSE, OR DOES
NOT BELIEVE TO BE TRUE,
• HE SHALL BE PUNISHABLE WITH
RIGOROUS IMPRISONMENT FOR
A TERM NOT LESS THAN SIX
MONTHS BUT WHICH MAY
EXTEND TO SEVEN YEARS AND
WITH FINE.
SECTION 53: SECTION 58: PUNISHMENT
PUNISHMENT FOR FOR SECOND AND
ABETMENT. SUBSEQUENT OFFENCES.
IF A PERSON ABETS OR INDUCES IN • IF ANY PERSON CONVICTED OF
ANY MANNER TO MAKE AND AN OFFENCE, IS AGAIN
DELIVER FALSE RETURN OF CONVICTED OF AN OFFENCE
INCOME, ACCOUNT, STATEMENT OR UNDER THE ACT
DECLARATION RELATING TO TAX
• HE SHALL BE PUNISHABLE FOR
PAYABLE
THE SECOND AND EVERY
• HE SHALL BE PUNISHABLE WITH SUBSEQUENT OFFENCE WITH
RIGOROUS IMPRISONMENT FOR RIGOROUS IMPRISONMENT FOR
A TERM WHICH SHALL NOT BE A TERM NOT LESS THAN THREE
LESS THAN SIX MONTHS BUT YEARS, BUT WHICH MAY
WHICH MAY EXTEND TO SEVEN EXTEND TO TEN YEARS AND
YEARS AND WITH FINE. WITH FINE NOT LESS THAN FIVE
LAKH RUPEES, BUT WHICH MAY
EXTEND TO ONE CRORE RUPEES.
THANK YOU !