TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETSCentral

Section 67 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in hindi

Notwithstanding anything contained in any other law for the time being in force, nothing contained in any declaration made under section 59 shall be admissible in evidence against the declarant for the purpose of any proceeding relating to imposition of penalty, other than the penalty leviable under section 61, or for the purposes of prosecution under the Income-tax Act or the Wealth-tax Act, 1957 (27 of 1957) or the Foreign Exchange Management Act,1999 (42 of 1999) or the Companies Act, 2013 (18 of 2013) or the Customs Act, 1962 (52 of 1962) .

Summary

Information in a voluntary disclosure cannot be used as evidence against the person in many other legal proceedings.
This protection covers potential cases under the Income-tax Act and the Wealth-tax Act.
It also shields the person from evidence being used in cases involving FEMA, which is the Foreign Exchange Management Act.
Other protected areas include prosecutions under the Companies Act and the Customs Act.

Practical examples

1Mrs. Kapoor discloses a hidden foreign apartment. A customs officer finds out and tries to use her tax declaration to prove she smuggled money out of India. Under Section 67, her tax declaration cannot be used as evidence in that customs case.

2A businessman admits to owning a foreign company he never reported to the Registrar of Companies. The Registrar tries to prosecute him for a Companies Act violation. Section 67 prevents the tax declaration from being used as proof in that court case.

FAQ

1. Can my Section 59 declaration be used against me in a FEMA case under The Black Money Act, 2015?

No, Section 67 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, states that nothing in the declaration is admissible as evidence for FEMA proceedings.

2. Does Section 67 of the Black Money law protect me from all penalties?

No, Section 67 specifically allows the declaration to be used for proceedings relating to the penalty under section 61 of the same Act.

3. Which specific laws are listed as protected under Section 67 of the Act?

The laws include the Income-tax Act, Wealth-tax Act, FEMA, Companies Act, and Customs Act according to Section 67 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Test yourself

Q1.Under Section 67 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, a declaration is NOT allowed as evidence for which purpose?

Q2.According to Section 67 of the Black Money Act, 2015, for which of these Acts is the declaration admissible (allowed) as evidence?

Q3.Does Section 67 of The Black Money Act, 2015, protect a person from prosecution under the Income-tax Act using their own declaration?

Q4.Under Section 67 of the Black Money law, is the declaration admissible for proceedings under the Customs Act?

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