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Direct Taxes
Home Acts & Rules Direct Taxes Acts Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Chapter VI = TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS Chapters List This

TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Chapter: VI
TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS
Section 59 : Declaration of undisclosed foreign asset.

       Clause 59.-provides for declaration of undisclosed foreign asset. This clause seeks to provide that any person may, on or aft....
Section 60 : Charge of tax.

       Clause 60.-relates to charge of tax. This clause seeks to provide that notwithstanding anything contained in the Income-tax A....
Section 61 : Penalty.

       Clause 61.-relates to penalty. This clause seeks to provide that notwithstanding anything contained in the Income-tax Act or ....
Section 62 : Manner of declaration.

       Clause 62.-relates to manner of declaration. This clause seeks to provide that a declaration under clause 59 shall be made to....
Section 63 : Time for payment of tax.

       Clause 63.-relates to time for payment of tax. It seeks to provide that the tax payable under clause 60 and penalty payable u....
Section 64 : Undisclosed foreign asset declared not to be included in total income.

       Clause 64.-provides that the amount of undisclosed investment in an asset located outside India declared in accordance with c....
Section 65 : Undisclosed foreign asset declared not to affect finality of completed assessments.

       Clause 65.-provides that the declarant shall not be entitled, in respect of undisclosed asset located outside India declared ....
Section 66 : Tax in respect of voluntarily disclosed asset not refundable.

       Clause 66.-provides that any amount of tax paid under clause 60 or penalty paid under clause 61 in pursuance of a declaration....
Section 67 : Declaration not admissible in evidence against declarant.

       Clause 67.-relates to declaration not admissible in evidence against declarant. The said clause seeks to provide that nothing....
Section 68 : Declaration by misrepresentation of facts to be void

       Clause 68.-relates to declaration by misrepresentation of facts to be void. The said clause seeks to provide that where a dec....
Section 69 : Exemption from wealth-tax in respect of assets specified in declaration

       Clause 69.-relates to exemption from wealth-tax in respect of assets specified in the declaration. The said clause, inter ali....
Section 70 : Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act.

       Clause 70.-relates to applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act. The said clau....
Section 71 : Chapter not to apply to certain persons.

       Clause 71.-inter alia, provides that the Chapter VI relating to tax compliance for undisclosed foreign income and assets shal....
Section 72 : Removal of doubts.

       Clause 72.-relates to removal of doubts. The said clause seeks to clarify that- (a) except as provided in the Explanation to ....
 
 

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