​Clarification on the Black Money Act

Various issues related to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of the Tax Act, 2015 (hereinafter the Act) have been raised by various stakeholders. The concerns raised along-with the comments are as under‑

Issue– Section 67 of the Act states that the declaration filed under section 59 cannot be used against the assessee under the five laws stated in section 67. However, if a regulator receives any information independently about foreign assets held abroad, there is strictly no immunity from action being taken.

Comments– Since the asset is the subject matter of declaration under section 59, no penalty/ prosecution proceedings under the specified 5 enactments shall be applicable in relation to the asset declared.

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