Section 59 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in hindi
Subject to the provisions of this Chapter, any person may make, on or after the date of commencement of this Act but on or before a date to be notified by the Central Government in the Official Gazette, a declaration in respect of any undisclosed asset located outside India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on 1st day of April, 2016—
- (a)for which he has failed to furnish a return under section 139 of the Income-tax Act;
- (b)which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Act;
- (c)which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise.
Summary
- Any person can voluntarily declare a hidden foreign asset that was bought with old taxable income.
- This declaration must be made between the date the Act started and a deadline set by the government.
- It applies to assets from any year before the assessment year starting April 1, 2016.
- This includes assets for which the person failed to file a tax return in the past.
- It also covers assets that were not mentioned in a return filed before the Act began.
- Assets that escaped being taxed because the person did not disclose all facts are also eligible.
Practical examples
FAQ
1. Can I declare any hidden foreign asset under Section 59 of the Black Money Act?
You can declare assets under Section 59 of the Black Money Act if they were acquired from income taxable before the assessment year starting April 1, 2016.
2. What is the deadline for making a declaration under Section 59 of the Black Money Act?
The deadline for Section 59 of the Black Money Act is a date that will be notified by the Central Government in the Official Gazette.
3. Does Section 59 of the Black Money Act apply if I already filed a return but forgot an asset?
Yes, Section 59 of the Black Money Act specifically covers assets you failed to disclose in a return furnished before the Act commenced.
4. What if the tax department missed my foreign income in an old audit, can I use Section 59 of the Black Money Act?
Yes, Section 59 of the Black Money Act applies to assets that escaped assessment because you failed to disclose all material facts truly.
Test yourself
Q1.Under Section 59 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, what is the cut-off assessment year for declaring assets?
Q2.According to Section 59 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, where is the declaration deadline published?
Q3.Which situation is specifically covered by Section 59 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?
Q4.Under Section 59 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, what triggers the eligibility for an asset that "escaped assessment"?