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 


Any amount of tax paid under
section 60 or penalty paid under section 61 in pursuance of a declaration made under section 59 shall not
be refundable. 


LAWGIST

# 66 Tax in respect of voluntarily disclosed asset not refundable