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

Declaration of undisclosed foreign asset

Charge of tax

Penalty

Manner of declaration

Time for payment of tax

Undisclosed foreign asset declared not to be included in total income

Undisclosed foreign asset declared not to affect finality of completed assessments

Tax in respect of voluntarily disclosed asset not refundable

Declaration not admissible in evidence against declarant

Declaration by misrepresentation of facts to be void

Exemption from wealth-tax in respect of assets specified in declaration

Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act

Chapter not to apply to certain persons

Removal of doubts


TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS 


Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the
person making a declaration of undisclosed asset located outside India shall, in addition to tax charged
under section 60, be liable to penalty at the rate of one hundred per cent. of such tax. 

LAWGIST

# 61 Penalty