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Applicability of new Section 149 to BML 2015

Tax queries 382 views 1 replies

Ultimate Bliss

1 Points Posted on 31 December 2024

From 1 September 2024, new time frame under section 149 for assessment and re assessment under section 148 or 148A of IT Act is introduced. The 16 years previous time frame for foreign undisclosed assests ( cl. c under 149(1)) from the previous version (finance act 2012) is completely removed in 2021 and 2024. So can someone shed some light if this new timeframe for reassessment is applicable for BML act 2015? The question is, what is the maximum time limit for assessment or reassessment to be opened under section 10 of BML 2015?

Replies (1)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9615 Points Posted on 31 December 2024

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