Home › Quizzes › The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Test your knowledge about The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, an anti-corruption law in India.

15 Questions Published
Play Quiz Practise this topic out loud

Questions

Question 1 Multiple Choice (Single Answer)

What was the primary objective of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?

  1. To curb the menace of black money stashed abroad.
  2. To promote foreign investment in India.
  3. To reduce the tax burden on Indian citizens.
  4. To provide amnesty to those who had stashed black money abroad.
Question 2 Multiple Choice (Single Answer)

Under the Act, what was the penalty for willful attempt to evade tax on undisclosed foreign income and assets?

  1. A fine of up to 10 times the tax evaded.
  2. Imprisonment for up to 7 years.
  3. Both a fine and imprisonment.
  4. None of the above.
Question 3 Multiple Choice (Single Answer)

What was the time limit set by the Act for individuals to declare their undisclosed foreign income and assets?

  1. 30 days.
  2. 90 days.
  3. 180 days.
  4. 365 days.
Question 4 Multiple Choice (Single Answer)

What was the penalty for failing to declare undisclosed foreign income and assets within the specified time limit?

  1. A fine of up to 30% of the undisclosed income.
  2. Imprisonment for up to 3 years.
  3. Both a fine and imprisonment.
  4. None of the above.
Question 5 Multiple Choice (Single Answer)

Which agency was responsible for enforcing the provisions of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?

  1. Central Board of Direct Taxes (CBDT).
  2. Enforcement Directorate (ED).
  3. Reserve Bank of India (RBI).
  4. All of the above.
Question 6 Multiple Choice (Single Answer)

What was the name of the scheme introduced by the Act to encourage individuals to declare their undisclosed foreign income and assets?

  1. The Black Money (Undisclosed Foreign Income and Assets) Declaration Scheme, 2015.
  2. The Black Money (Undisclosed Foreign Income and Assets) Repatriation Scheme, 2015.
  3. The Black Money (Undisclosed Foreign Income and Assets) Amnesty Scheme, 2015.
  4. None of the above.
Question 7 Multiple Choice (Single Answer)

Under the Declaration Scheme, what was the tax rate applicable on the declared undisclosed foreign income and assets?

  1. 30%.
  2. 45%.
  3. 60%.
  4. 75%.
Question 8 Multiple Choice (Single Answer)

What was the deadline for individuals to pay the tax under the Declaration Scheme?

  1. 30 days from the date of declaration.
  2. 90 days from the date of declaration.
  3. 180 days from the date of declaration.
  4. 365 days from the date of declaration.
Question 9 Multiple Choice (Single Answer)

What was the penalty for failing to pay the tax under the Declaration Scheme within the specified deadline?

  1. A fine of up to 10% of the tax due.
  2. Imprisonment for up to 1 year.
  3. Both a fine and imprisonment.
  4. None of the above.
Question 10 Multiple Choice (Single Answer)

What was the name of the scheme introduced by the Act to encourage individuals to repatriate their undisclosed foreign income and assets to India?

  1. The Black Money (Undisclosed Foreign Income and Assets) Repatriation Scheme, 2015.
  2. The Black Money (Undisclosed Foreign Income and Assets) Declaration Scheme, 2015.
  3. The Black Money (Undisclosed Foreign Income and Assets) Amnesty Scheme, 2015.
  4. None of the above.
Question 11 Multiple Choice (Single Answer)

Under the Repatriation Scheme, what was the tax rate applicable on the repatriated undisclosed foreign income and assets?

  1. 15%.
  2. 25%.
  3. 35%.
  4. 45%.
Question 12 Multiple Choice (Single Answer)

What was the deadline for individuals to repatriate their undisclosed foreign income and assets under the Repatriation Scheme?

  1. 30 days from the date of declaration.
  2. 90 days from the date of declaration.
  3. 180 days from the date of declaration.
  4. 365 days from the date of declaration.
Question 13 Multiple Choice (Single Answer)

What was the penalty for failing to repatriate the undisclosed foreign income and assets within the specified deadline under the Repatriation Scheme?

  1. A fine of up to 10% of the amount to be repatriated.
  2. Imprisonment for up to 1 year.
  3. Both a fine and imprisonment.
  4. None of the above.
Question 14 Multiple Choice (Single Answer)

Which of the following was not a consequence of failing to declare undisclosed foreign income and assets under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?

  1. A fine of up to 30% of the undisclosed income.
  2. Imprisonment for up to 3 years.
  3. Seizure of assets.
  4. Loss of voting rights.
Question 15 Multiple Choice (Single Answer)

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was repealed in which year?

  1. 2017.
  2. 2018.
  3. 2019.
  4. 2020.
← Back to Quizzes