Applicability of new Section 149 to BML 2015

The amendments to Section 149 of the Income-tax Act, 1961, introduced by the Finance Act, 2021, and further modified by the Finance Act, 2024, have changed the time frame for assessment and reassessment.

Relevance to BML Act, 2015 The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BML Act, 2015) has its own assessment and reassessment provisions under Section 10.

Time Limit for Assessment/Reassessment under BML Act, 2015 As per Section 10 of the BML Act, 2015, the time limit for assessment or reassessment is: "

...the Assessing Officer may, subject to the provisions of sub-section (2), assess or reassess the undisclosed foreign income and asset of an assessee for any assessment year..."

The time limit for assessment or reassessment under the BML Act, 2015, is not explicitly linked to the time frame under Section 149 of the Income-tax Act, 1961. Maximum Time Limit for Assessment/Reassessment