LawgistThe Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act
61Penalty
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.
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TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS
- 59 Declaration of undisclosed foreign asset
- 60 Charge of tax
- 61 Penalty
- 62 Manner of declaration
- 63 Time for payment of tax
- 64 Undisclosed foreign asset declared not to be included in total income
- 65 Undisclosed foreign asset declared not to affect finality of completed assessments
- 66 Tax in respect of voluntarily disclosed asset not refundable
- 67 Declaration not admissible in evidence against declarant
- 68 Declaration by misrepresentation of facts to be void
- 69 Exemption from wealth-tax in respect of assets specified in declaration
- 70 Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act
- 71 Chapter not to apply to certain persons
- 72 Removal of doubts
