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Adjusting liability under Black Money Act, 2015 against seized assets Section 132B of the Act in its existing form provides that any existing liability under the Income-tax Act, 1961, the Wealth-tax Act, 1957(27 of 1957), the Expenditure-tax Act, 1987 (35 of 1987), the Gift-tax Act, 1958 (18 of 195
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FAQ :
Liabilities under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, can now be settled against seized assets.
This amendment will take effect from 1st October 2024.
The amendment is being made to Section 132B of the Income-tax Act, 1961.
Previously, Section 132B covered liabilities under the Income-tax Act, 1961, Wealth-tax Act, 1957, Expenditure-tax Act, 1987, Gift-tax Act, 1958, and Interest-tax Act, 1974.
The purpose is to include liabilities arising under the Black Money Act, 2015, for settlement against seized assets, thereby covering all direct tax liabilities.
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