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 


The
declarant shall not be entitled, in respect of undisclosed asset located outside India declared or any
amount of tax paid thereon, to reopen any assessment or reassessment made under the Income-tax Act or
the Wealth-tax Act, 1957 (27 of 1957) or claim any set off or relief in any appeal, reference or other
proceeding in relation to any such assessment or reassessment. 

LAWGIST

# 65 Undisclosed foreign asset declared not to affect finality of completed assessments