Section 63 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in hindi
- (1)The tax payable under section 60 and penalty payable under section 61 in respect of the undisclosed asset located outside India, shall be paid on or before a date to be notified by the Central Government in the Official Gazette.
- (2)The declarant shall file the proof of payment of tax and penalty on or before the date notified under sub-section (1), with the Principal Commissioner or the Commissioner before whom the declaration under section 59 was made.
- (3)If the declarant fails to pay the tax in respect of the declaration made under section59 on or before the date notified under sub-section (1), the declaration filed by him shall be deemed never to have been made under this Chapter.
Summary
- The government will set a specific deadline in the Official Gazette for paying the tax and penalty.
- You are required to submit proof of this payment to the tax official you filed with.
- If you do not pay by the notified date, your declaration is treated as if it was never made.
- This means you lose all legal benefits and protections that come with the declaration.
Practical examples
FAQ
1. What happens if I miss the payment deadline under Section 63 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?
If you fail to pay on time, Section 63 of the Act deems your declaration to have never been made.
2. Do I need to show my payment receipt to anyone under Section 63 of the Black Money Act?
Yes, Section 63 of the Act requires you to file proof of payment with the Principal Commissioner or Commissioner.
3. Who decides the final date for payment under Section 63 of the Black Money Act?
The Central Government notifies the date in the Official Gazette as per Section 63 of the Act.
4. Under Section 63 of the Black Money Act, what must be paid by the deadline?
Both the tax on the asset and the penalty must be paid on or before the notified date according to Section 63.
Test yourself
Q1.Under Section 63 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, a declaration is deemed "never to have been made" if:
Q2.According to Section 63 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, where must proof of payment be filed?
Q3.If a person pays the tax but fails to pay the Section 61 penalty by the date in Section 63 of the Black Money Act, what is the result?
Q4.How is the payment deadline communicated to the public under Section 63 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?