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of <h1>Undisclosed foreign assets declared under Section 59 are excluded from total income if tax and penalty are paid on time.</h1> The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, specifies that undisclosed investments in foreign assets declared under section 59 are excluded from the declarant's total income for any assessment year under the Income-tax Act. This exclusion applies if the declarant pays the tax specified in section 60 and the penalty under section 61 by the deadline outlined in section 63(1).
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