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of <h1>Interest Charges for Undisclosed Foreign Income: Section 40 and Sections 234A, 234B, 234C Explained</h1> Section 40 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, addresses interest charges for defaults related to undisclosed foreign income. If an assessee fails to disclose income from foreign sources in their tax return or does not file a return under section 139(1) of the Income-tax Act, interest is charged per section 234A. Additionally, if advance tax on such undisclosed foreign income is not paid as required by Part C of Chapter XVII of the Income-tax Act, interest is charged according to sections 234B and 234C.
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