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Section 61 - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
61. Penalty.-
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.
Related Sections
- Section 56: Offences by companies
- Section 27: Amendment of assessment on appeal
- Section 49: Punishment for failure to furnish return in relation to foreign income and asset
- Section 33: Tax Recovery Officer by whom recovery of tax dues is to be effected
- Section 73: Agreement with foreign countries or specified territories
Related Acts
* Only for reference.