Undisclosed Foreign Assets Under Section 60 of Black Money Act Taxed at 30%, Overrides Income-tax and Finance Acts.

Section 60 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, mandates that any undisclosed assets located outside India, declared under section 59 within the specified timeframe, are subject to a tax rate of 30% based on the asset's value as of the commencement date of the Act. This provision applies regardless of any stipulations in the Income-tax Act or any Finance Act.

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