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of <h1>Section 44: Penalties Equal to Tax Arrears for Defaults in Payments Under Black Money Act 2015</h1> Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Section 44 outlines penalties for defaults in tax arrear payments. An assessee in default, or deemed in default, is liable to a penalty equal to the tax arrear amount if the default continues. Payment of the tax before the penalty is levied does not exempt the assessee from penalty liability.
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