Top Correspondence Law Courses at IALM Academy

Most of the nations in this world have been ruled by a rule book where some laws are mentioned for every conduct of its bound citizens. And according to the laws, every conduct is must be in compliance with the law. If you have an eye for the social affairs, then you must come across with the intriguing phrase states the law will take its course. This very course which is established by the law and the rule book is the constitution of the country. If we take a cue from the Indian context, then all the actions of every citizen is bound by the Indian constitution which can also be called the only holy national book of the nation. As we have already mentioned that a law is there for every action, but a normal person can’t defend the rights given by the constitution, so, in that case, you need the professional lawyer. Or you have the other option that you join one of the correspondence law courses and get the proficient knowledge of the law. The law is a very complex discipline and get acquainted with the every procedure of law is an onerous task.


Undoubtedly, there are many laws regarding every action or crime, but the decisions of the court of laws are also mattered in every case. Most of the lawyers are citing the ruling of a court while battling for a case. If you have the interest in the cyber laws, then many institutes are providing cyber law course on short terms and for a long-time term as well. As you know the reach of the internet is everywhere and everything is being accessed through the internet.  And many frauds are likely to happen on internet related to the cash transactions. So to protect your business from online frauds, government’s agency establish some cyber laws. For more information, search a government website.


Top Indian Law Institute

As a citizen with a little bit of consciousness always feels intrigued by the catchphrase that utters that subsequent to any crime or incident, some people always start to chant that law will take its course. But have you been trying to figure out what this course has in its very nature? Certainly yes, but by some extent. We always have been surrounding by some decrees which compels us to behave in a certain manner in the public domain and which cannot be under the ambit of the offence. These voices or decrees are law. Talking in the words of the lexicon, then the particular system of rules by which a country or sometimes a region regulates the actions of its citizens and it also mentioned penalties and punishments if found violated. India also has its own set of laws in the supreme constitution and imposed by the government and sometimes protect by the court of laws. A profession is also related to the law, termed as lawyer and one can opt this profession by taking a recognized degree from an Indian law institute and can practice in a court for the experience. A professional lawyer always well-versed of the laws mentioned in the IPC (Indian penal code) sections and according to these he/she fights a case of the parties by citing these codes.

law book and gavel

The profession of lawyer has also some categories in it, like criminal lawyers, business lawyers, corporate lawyers and the lawyers who fight for social causes. So there are many corporate law courses are running in the country in many law institutes and the students passed from these institutes are well-versed with the lexicon of the corporate laws. Today, every prominent business firms have their own corporate lawyers who can handle all their business and tax disputes.

Indian Institute of Human Rights, Disseminating Values of Human Rights

This world is so diverse, even in the law and procedures established by the nations are different in nature. Every nation has some identical set of laws and procedure in their respective countries and according to which every single citizen bind to act and behave. But some rights which every person on this globe inherit naturally as simply because they are humans. These are the rights which he/she can exercise irrespective of his nation. Particularly, these rights are defined as human rights and always remain applied irrespective of sex, nation, ethnic origin, language, color or any other possible status. States cannot discriminate against these human rights at all.  If you want detailed info about human rights in India, then visit Indian institute of human rights.  Every nation must guarantee these laws under any circumstances and can’t suspend them at any moment. Human rights are interdependent and indivisible. International human rights acting as parent body is always acting to ensure these rights in the form of some treaties, international laws, and some general principles. The nature of these laws is universal and international human rights put some obligations on all governments to establish conditions so that these fundamental rights can be ensured.

human rights

The above discussion is all about the human rights and here we gonna start another aspect, that is cyber law, you can go in detail in cyber law courses. These are laws which keep an eye on the cyber crimes happen in the world. As we know that the internet is going deeper and deeper in our daily life and everything can be done through the internet. Today, lakhs of money transactions happens in a day and this paves the way for the frauds by intruders. So cyber laws are enforced to prevent these crimes and many acts have been inducted in the domain of criminal activities. If you want to be equipped with the proficient knowledge of cyber laws, then join one month program on cyber laws at IALM Academy.

Importance of Cyber Law Course in India

Back Ground of Cyber Laws in India: The enactment of India Information Technology Act, 2000 laid the foundation of Cyber Laws or Laws related to Internet in India.  This comprehensive Act provided for governance of Indian Cyber Space and was an attempt that showed seriousness of Government of India in regulating the behavior of netitizens. The Act comprehensively dealt with regulating, 1) Digital Signatures, 2) Electronic Communication, 3) Hacking, 4) Network and Virus Attacks & Intrusion, 4) Digital Evidence, 5) Pornography, 6) Crime and Punishment, and also it established a Cyber Appellate Authority for resolution of civil disputes. And to disseminate the knowledge of laws, many prestigious institutions are running cyber law course in different levels.

Cyber law

Since all human actions and behavior shifted from real world to virtual world, a need arose to redefine and regulate human actions in the virtual world.

CyberLaws and Transactional Law: The potential of Internet was soon realized by Indian Law makers. It soon became evident that most of the commercial transactions and businesses now transacted on Internet and therefore importance of Cyber Laws in dealing with transactional laws was of upmost important.   The issues such as Click Contracts and Acceptance of License Agreement over the net were debated and deliberated by Law makers.

CyberLaws and Evidence Act: Another area of importance was Indian Evidence Act which defined a document to be a written document on a piece of paper.   What would happen in the case of an email or electronically written message. What about messages such as SMS or text message sent over a mobile device. Yes, the Indian Evidence Act was required to be amended in order to give full effect to regulating the Indian Cyber Space.

CyberLaws and Child Pornography: The Pornography and particularly Child Pornography is viewed as a serious offence in India under the Indian Penal Code, 1860.   The Lawmakers were conscious of the fact that Internet would soon make it easy and affordable for bad elements to circulate the objectionable material over the Internet. Special provisions under the Indian Information Technology Act, 2008 and rules made there under were incorporated to prevent such heinous crime.

CyberLaws and Data Privacy: A direct impact of CyberLaws is to regulate the rights of citizens in protecting their personal information and providing them with Privacy.   Citizens had right to transact and converse freely over the Internet and the corporation providing platform were to maintain privacy of the same. However, the issue arose in case of Government actions? Can government of a country seek information about communication between two individuals from a company providing a platform.  And if this violated right of a citizen to communicate and express freely over the Internet.   The Government intervention to seek data from private organization was also dealt by the Information Technology Act, 2008 and rules were sought to be framed for Data Encryption.

As seen above Cyber Laws has many aspects and issues. Each aspect needs to be clearly defined and examined by not only Government of India, but Courts need to interpret the same.

Eminent Indian Law Institute

A typical Indian Law Institute is changing, and changing for good! Past five years have not only see  a sweeping change in quality of Indian Law Institutes, but have also seen mushrooming growth in numbers of law colleges.  Indian Academy of Law & Management (“IALM”)  is closely examining such growth and it’s factors over last couple of years.  Why is there a renewed interest for being a lawyer and how Bar Council of India regulations have led to growth of legal profession in India.

India has typically added more than 250 Indian Law Institute in past 7 years or so. This is a huge number in terms of growth of Law Institutes anywhere in the world and more so in a developing nation.  Compare this with total number of Law Schools added by BRICS nations (other than India) in last 10 years have been 203.

Law theme, mallet of judge, wooden gavel

Look at the number of law students getting enrolled in Law Schools in India. In 2005, India had only 2,00,000/- law students taking admissions in various Indian Law Institute offering LL.B (3-years or 5-years).  Today, this number has almost doubled to 4,00,000 per annum. This is a huge number if we compare with other courses like IT engineers or Medicine being offered in India.

IALM Research Factors

IALM ( students have researched the phenomena to understand the mushrooming of our Law Schools, and several reasons emerge on why a typical Indian Law Institute has changes it’s profile and personality to gear up to the needs of aspiring law students.

Relaxed Regulations:An important contribution to such commendable growth of Law Schools has been relaxed regulations with proactive approvals at Bar Council of India.  The Regulations now require Indian Law Institute to have a minimum of 25 faculty members on roles that can potentially teach the law courses being prescribed by Bar Council of India. In furtherance, Bar Council of India members have been frequently and pro-actively visiting institution in India and abroad to facilitate an inspection that is mandatory under the rules.

Corporate Sector Demands:  With opening of Indian markets in several industrial sectors, the demand for corporate lawyers have taken a leap over last several years.  Each corporation require legal knowledge in hordes, and they are ready to pay accordingly.  A direct increase in demand has increased pressure on existing Indian Law Institute to increase their capacity or to have more colleges. For example, leading institute Amity Law Schools has affiliation to three Universities — its own Amity University; IP University and also Merrut University (CCS). In addition, Amity also owns an online portal to impart Legal Education for skills development.

Shift to 5 year education:  A shift to a 5-year education pattern encouraged by Bar Council of India has seen young students out of schools taking up law as first choice in the career.   This has seen tremendous improvement in the quality of students coming out of an Indian Law Institute.   This does provide impetus to existing Indian Law Institute to invest more into education and growth of the profession.

OFcourse, there were other reasons for such tremendous growth for Law Schools in India, like a good ROI for institutes. There has been tremendous growth in the quality and quantity of Faculty in Law Schools across India.   At one time the law teaching profession only attracted teachers who were not successful in legal practice and found teaching as a comfortable way to live and make money.  The present day teaching profession offers variety of opportunities to academicians  in India and the best talent and energies have been infused among the law treachers.

Prosperous Course in Law

With technology proliferation and new ways of doing business, it is important to choose a course in law that benefits students to get jobs in modern new corporations. The legal departments of big multinational companies is seeing increased pressure on in-house lawyers and advocates to understand technology, and leverage intricate intellectual property issues arising out of corporate transactions. Is our education system and current course in law sufficient to provide such trained legal workforce?


The traditional courses in law, like Torts, Penal Code, Family Law and Property Laws definitely make you a complete lawyer, a lawyer who can solve day to day problems of individuals, friends, family and clients. These entire courses in law and statutes were framed during British Raj and are still being taught in our law colleges. For example, a course in law on Penal Code will make you sought after and popular in the society, in general.  But aren’t these courses the same that three generations above us studied and practiced.

However, the modern day society has need for specialized knowledge. For example, a corporate entity in India may have to enter into several hundred contracts (and no exaggerations here) each day in order to function and deliver its products in the market. A single corporate entity will need to contract with Vendors, Employees (offer letters),   Recruiters, Suppliers, Consultants, Agents and even it’s trainers. All this, multiple times in a day. It does need a specialized in-house team of lawyers to manage contracts in-house.

The Modern day laws are mostly based on how we interact with each other and protect technological innovations. Due to course curricula in law colleges, unable to provide quality education in modern laws, IALM  ( has partnered with several leading institutions (for example, Amity Law School) to deliver quality education in upcoming developing legal field.

In this regard, IALM conducted an online student survey in August, 2015 to give students a choice to study additional subject of their choice. The IALM survey was conducted from more than 22 Indian Law Schools, spread across 11-states representing all the four regions of the country. With total of 330 participants, nearly 60 % were Girls and 40 % were boys respondent. The students seem to be interested in the following top 10 courses in law:

1) Cyberlaws,

2) Trademark filings,

3) Environment Compliances Laws

4) Patent Drafting Techniques

5) Company Act Compliances

6) Labor Laws Compliances

7)  Corporate Contract Drafting

8)   Mergers and Acquisition

9) Banking Laws.

10)  Regulatory Bodies and Legal Practices

The IALM online survey clearly shows the inclination of the students to learn more about modern day laws, and to face up to newer challenges that global economy has thrown onto Indian Law Students.     There was hardly any respondent to learn any of the traditional course in law.

The results of the survey were astonishing and shocking.  Are we teaching wrong courses in Law? Maybe and Maybe not.  It may be that students already have grasp of traditional law courses being taught in their colleges and they still want to learn and equip themselves further.

We can only make one conclusion of IALM survey, the institution and legal system needs to gear up more towards corporate and technology related laws to help modern businesses grow.

Most Reputed Indian Institute of Human Rights

Human Rights are rights inherent to all human beings irrespective to one’s nationality, caste, gender, place of residence, language etc. We are equally entitled to our human rights without any discrimination. Human rights are inalienable. Human Rights are based on the concept that every man and woman, regardless to his / her caste or creed, colour, race and nationality, is born with certain fundamental rights such as, the right to life, freedom from torture and other inhuman treatment, free speech and freedom of religion, rights to health, education and an adequate standard of living and so on. In order to increase the importance of Human Rights, it is necessary that the subject of human Rights be recognized by educational institutions as an independent discipline.

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With the spread of education and awareness of rights under the guide lines of Indian institute of human rights, people are not only fighting for their rights but also for the rights of other. Every person has dignity and value. One of the ways that we recognize this fundamental worth is by acknowledging and respecting a person’s human rights. Human rights are concerned with equality and fairness and recognize our freedom to make choices about our life and develop our potential as human beings. These rights are about living a life free from fear, harassment or discrimination.

There are a number of basic rights that people from around the world have agreed on, such as the right to life, freedom from torture and other inhuman treatment, rights to a fair trial, free speech and freedom of religion, rights to health, education and an adequate standard of living. These rights are the same for all people everywhere – male and female, young and old, rich and poor, regardless of our background, where we live, what we think or what we believe. This is what makes human rights ‘universal’.

Human rights cover every area of human life and activity, and include civil and political rights, such as freedom of speech and freedom from torture. They also include economic, social and cultural rights, such as the rights to health and education.

Importance of human rights are to live and exist, the right to equality, including equality before law, non-discrimination on grounds of religion, race, caste, sex or place of birth, and equality of opportunity in matters of employment, the right to freedom of speech and expression, assembly, association, movement, residence, the right to practice any profession or occupation, the right against exploitation, prohibiting all forms of forced labour, child labour and trafficking in human beings, the right to freedom of conscience, practice and propagation of religion and the right to legal remedies for enforcement of the above are basic human rights. These rights and freedoms are the very foundations of democracy. Besides these are political rights, which include the right to contest an election and to vote freely for a candidate of one’s choice.

Human rights are a benchmark of a developed and civilized society. Human Rights entail both rights and duties. Rights and duties are the two aspects of the same coin. Rights have their basis in the principle of live and let live. Rights and duties are interlinked and interdependent and a balance is to be maintained between the two. In case of an imbalance between these two, there is chaos. Violation of human rights is most common in totalitarian and despotic states. In the theocratic states there is much persecution and violation in the name of religion and the minorities suffer the most. Even in democracies, violation and infringement of human rights and freedom is widespread. The women, children and the weaker sections of the society are victims of these transgressions and violence.

The human rights and freedom ought to be preserved at all cost. Human rights may be reshaped according to the political needs of the country but they should not be distorted out of shape. The sanctity of human values, freedom and rights must be preserved and protected. For the protection of human freedom and rights, Human Rights Commissions should be established in all the countries. In cases of violation of human rights, affected individuals should be properly compensated and it should be ensured that these do not take place in future.

A one-month Online Certificate Course on Human Rights & Duties offered by Indian Academy of Law & Management (“IALM) helps you understand the concepts of Human Rights & Duties. The course also helps you in knowing the ways and means to protect your legal Human Rights against any unjustified action/s. The course is divided into five modules and covers the topics such as Concepts of Human Rights & Duties; Historical, Philosophical and Social Perspective; Legislation Specific Themes in Human Rights; Human Rights & Duties in India and Societal Problems in private and public domains. An online exam is conducted at the end of each modules of the course to check the progress of the learners. IALM issues a Certificate upon successful completion of the course. More details can be obtained at –

Intellectual Property Right Courses in India

Importance of Intellectual Property Rights can be understood in a simple manner. God gifted a wonderful thing called Brain to Man bestowed with imagination and creativity. With his imagination and creativity, he has been producing various articles or products for his needs, comfort and convenience. In the earlier era, the creations and inventions by him fell in a public domain. These were the common properties. Anybody could use and copy these creations and inventions without any restriction, reservation or payment. However, with the passage of time,theimportance and value of these creations was realized. The commercial aspect started playing a significant role in these creations. By end of Twentieth Century,the

things created and invented by the human mind were recognized as an intellectual property of the owner .The owner’s right over these properties was accepted and is known as an Intellectual Property Right (commonly called IPRs). A new set of laws called Intellectual Property Right Laws, were enacted to protect these property rights. These IPRs laws provided a protection to the owners under different categories and names like Patents, Industrial designs, Copyrights, Trade Marks etc.


The intellectual property rights were essentially recognized and accepted all over the world due to some very important reasons-

a) To provide incentive to the individual for new creations.

b) Providing due recognition to the creators and inventors.

c) Ensuring material reward for intellectual property.

d) Ensuring the availability of the genuine and original products

e) To safeguard owner’s rights for his creations

The Intellectual Property Right courses in India are getting streamlined and therefore the knowledge of intellectual property rights is must to a common man. A common man everywhere and every time come across the things created, invented, discovered and produced by some human mind. These items of intellectual properties can be classified into two main categories:-

a) Industrial Property items

b) Copyright and related rights items.

The industrial properties items include all sort of inventions, trade marks, industrial designs, and geographic indicators of source. The copyrights and related rights items include all literary works which range from articles, news-paper items, novels, story books, poetry books, drawings, photographs, paintings, architectural design, music, dance, films and artistic performances etc.

The industrial property items are found all around us. All inventions are covered under this category. An invention has been defined as a process or a product which provides a new way of doing some thing or provides a new solution to a problem. Inventions are protected by the Patents. The owner of inventions can get his invention registered under a Patent. A Patent is granted for a period of 20 years form the date of filing the application of patent. After this period the invention is available to all for commercial exploitation and it becomes a public property.

Some of the products we use in daily life are protected by Trademark laws. A Trade mark can be registered like invention and industrial designs. The trade mark can be combination of words, letters, numbers, drawings, images, symbols, and even sounds. The trade-marks are generally registered for ten years but they can be renewed indefinitely by filing renewal application and paying the required fee.

A design is the aesthetic or the ornamental aspect of an article. The design can be two-dimensional like patterns, lines or colors. They can be three-dimensional like surface or shape of an article and have the commercial value. Due to these reasons,the industrial design is protected.

Some of the products we use have association with geographical indicators of source. The things like Basmati rice of Dehradun, Champagne of France, Darjeeling tea etc. are the product which can be protected by laws and international agreements because they are the geographical indicators of source.

The Copyrights are provided for items like literary, musical, artistic works like songs, musical scores, poetry, paintings, sculpture, films, architecture, maps, technical drawings; computer programs, data base etc. are provided to the creators. Copyrights provide exclusive right to the creator to use or authorized other to use their workers. The furniture is protected under industrial design whereas toys are protected under industrial design and copyrights.

Even the traditional craft items like hand-woven articles like carpets, cotton bed covers can also be registered for protection as an Industrial design. The protection of indigenous and traditional knowledge, folklore, culture and innovations are the some of the latest entries in the field of intellectual properties rights.

A common man comes across intellectual properties from dawn to dusk. The goods having a very wide spectrum and associated with food, shelter and clothes; the things of necessity, comfort and luxury. These properties have been covered under a patent or a copy right or a trade mark. Since a common man’s life is very closely linked with articles and products which are protected by law under intellectual rights. The copying, imitation, adaptation, and un-authorized reproduction of these things, without the permission of the owner, may amount to a serious offence.
Therefore,the knowledge about intellectual property right is must for a common man.

Indian Academy of Law & Management (“IALM”) offers a certification program on Intellectual Property Right course in India. An online course offered by IALM namely Advance Certifications in Intellectual Property Rights has been designed in such a manner that it not only cultivates among its students an interest in learning the subject; but also helps them understand the core of Intellectual Property Right.
This course can be done by any Law Student, Lawyer, Patent Agent, Scientist,
Chartered Accountant, Company Secretary, Government Official, etc. The course
curriculum has been designed and developed by Academicians, IP Attorneys and Senior
Advocates with an objective of providing comprehensive understanding of Intellectual
Property Rights and further to build employable skills in this area. More course
details can be obtained from the website of IALM (

Online Courses in Law

Indian Academy of Law and Management (“IALM”) is a unit of The Indian Legal Foundation (“TILF”) that was founded as a not-for profit and non-Governmental organization. IALM offers highly interactive, well-researched, content-rich & case-studies based law courses. It’s coveted certifications carries immense weight before Global Industry, Law Firms, In-House Legal Departments, Government bodies and Public Sectors, as these courses are made and delivered by Former Judges, General
Counsels, Partner(s), Law Firms and Academicians.


IALM has been in the forefront in providing online courses in law with a primary goal to enrich the legal understanding of our students. Law courses in India are highly demanded these days and demand for online law courses is also escalating very quickly. As a result, such courses are now gaining popularity among the students as well as professionals. Online learning offers the students an option of studying on their own and as per their convenience. Online courses also help professionals remain competitive and they are not required to take time off from their jobs in order to upgrade their skills. With an increase in the number of organizations looking to set their base in the Indian market, demand for legal services is also escalating. From setting up an establishment to manufacturing the goods and selling them, one has to adhere to legal procedures, and in order to cater to legal procedures and regulation, demand of legal services goes up. Thus, courses in law are greatly demanded both by students and professionals.

IALM offers several short-term Online Law Courses and aims at giving quality education at affordable prices. The online courses offered by IALM not only help students and professionals enhance their skills but also help them in expanding their horizons. These courses are extremely flexible can be done from anywhere and at any time. Courses currently offered by IALM include – Advance Certification in Intellectual Property Rights IPRs, Certificate Course in Cyber laws, Drafting Legal Pleadings, Certification in Corporate Laws, Paralegal Certification, Labour Laws, Merger & Acquisition, Competition Laws, Human Rights & Duties, RTI, Environmental Law and many latest legal courses that are required to run and manage the modern day Corporations, Government and Administration of Justice. Whether you are starting your Legal career, brushing up your skills or wanting to expand your skills, we have a short-term course for you that works as a guide and offers you the flexibility of doing the course as per your convenience. IALM courses details can be obtained at –

IALM sincerely hopes that the learners will find the courses very informative and
worthwhile and will learn a lot from these courses.


The Black Money Bill has received the assent of the President on the 26th May, 2015. This Act, shall come into force on the 1st day of April, 2016.

The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets. Such Income will not be taxed under the Income-tax Act but under the stringent provisions of this legislation.


The Act will apply to all persons resident in India. Provisions of the Act will apply not only to undisclosed foreign income but also to undisclosed foreign asset (including financial interest in any entity).

The law provides for the taxation of undisclosed foreign income and assets at a flat rate of 30 per cent. No exemptions, deductions, set-off or carry-forward of losses under the provisions of the Income Tax Act would be allowed.

  • Undisclosed Foreign Asset: An asset (including bank balances) located outside India which the assessee owns and does not disclose or fails to show the source to purchase the asset. The Fair Market Value of the asset will be considered for taxation.
  • Undisclosed Foreign Income: Any income derived from any source from outside India by the assessee, that is not disclosed will be considered for taxation

If the Incomes and Assets are exhaustively disclosed, then tax, penalties and prosecution will not arise.

A foreign asset, even if disclosed in the income tax return, may be treated as an undisclosed foreign asset if one is not in a position to prove the source of investment of that asset. Therefore, mere disclosure of the asset in the income tax return may not suffice to be harmless from this law.

Black-Money (1)


  • This Bill covers all Residents, so also covers Companies(and other entities)
  • Expatriate employees, including their family members, qualifying as Ordinarily Residents would also fall under the Bill’s ambit
  • In case of companies, if it is proven that the offence has been committed

    with the consent or connivance or is attributable to any neglect on the part of the manager, secretary or other officer of the company, such person will also be held guilty and liable

  • There are specific provisions for making managers (defined to include the managing director in certain instances) of a company jointly, and severally liable for payment of any amount due if the amount cannot be recovered from the company


  • The Income Tax Authorities continue to levy taxes and administer revenues through the Income Tax Act, however, will refer to this act with regard to any Foreign Assets and Foreign Incomes
  • Tax authorities can make any inquiry or investigation into matters of the assessee even though there are no proceedings pending before it
  • AO will serve notice on the assessee before proceeding to take any action under this Act
  • The principles of Natural Justice cannot be violated. The assessee will be given an opportunity to be heard and to appeal to the ITAT, High Court and Supreme Court(where substantial question of law is involved)


The penalty for non-disclosure of income or an asset located outside India will be equal to three times the amount of tax payable thereon, i.e. 90 percent of the undisclosed income or the value of the undisclosed asset. This is in addition to the tax payable at 30 per cent.

Failure to furnish return in respect of foreign income or assets shall attract a penalty of Rs.10 lakh. The same amount of penalty is prescribed for cases where, although the assessee has filed a return of income, he has not disclosed the foreign income and asset or has furnished inaccurate particulars of the same.

Subsequent and second offence will be punishable with rigorous imprisonment of 3-10 years with fine upto 1 crore rupees.


The Bill proposes enhanced punishment for various types of violations.

Abetment or inducement of another person to make a false return or a false account or statement or declaration under the Act will be punishable with rigorous imprisonment from six months to seven years.

This provision will also apply to banks and financial institutions aiding in concealment of foreign income or assets of resident Indians or in falsification of documents.

 How to protect yourself:

  • The Bill provides for a one time compliance scheme where the assessee can disclose any foreign asset acquired by him/her prior to the current Assessment Year (AY 2016-17)
  • Tax will be levied at 30% and penalty equal to the same amount will be levied as well. However, this is not an amnesty scheme as penalty will not be waived and cannot be avoided
  • There will be no additional interest u/s 234 which will be levied
  • Such amount disclosed under the Compliance Scheme shall not be included in the income of any Assessment Year under the income tax act. Hence, assessments cannot be reopened due to disclosure under this scheme
  • The compliance window will not be offered to non-resident Indians or professionals working abroad — it is only being provided to Indian residents who are income tax assessees and have spent more than 182 days in a year in India.
  • Under this voluntary disclosure of income scheme of sorts for Indians holding black money outside the country, no wealth tax will be levied on the declared income and no prosecution will be based on the declared income of those who avail of this one-time opportunity.

 Impact on Other Laws

  • The assessee will be required to file a declaration with the details of the Asset and Incomes. This declaration will not be considered evidence for initiating penalty proceedings under the Income Tax Act, Wealth Tax Act(now no longer in use), or FEMA
  • This will not affect any agreement that The Central Government may enter into with any foreign countries regarding Double Taxation Avoidance Agreement, Exchange of information or Investigation etc.


 The principles of natural justice and due process of law have been embedded in the Act by laying down the requirement of –

  • mandatory issue of notices to the person against whom proceedings are being initiated
  • grant of opportunity of being heard
  • necessity of taking the evidence produced by him into account
  • recording of reasons
  • passing of orders in writing
  • limitation of time for various actions of the tax authority, etc.

Further, the Right of Appeal has been protected by providing for appeals to the Income-tax Appellate Tribunal, and to the Jurisdictional High Court and the Supreme Court on substantial Questions of Law.

Failure to report bank accounts with a maximum balance of upto Rs.5 lakh at any time during the year will not entail penalty or prosecution.  This safeguard is to protect persons holding foreign accounts with minor balances which may not have been reported out of oversight or ignorance.

Lot of misinformation circulating regarding new blackmoney law, the Finance Ministry is likely to issue FAQs explaining the provisions of the new blackmoney law and also to clarify whether one-time compliance window can be availed by persons already under probe. So it is advised to wait for some time for more clarity on this legislation.

For more info of Course in Law visit us at