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of <h1>Form 5 demand for undisclosed foreign assets issued under sections 31, 33, triggering recovery and costs for taxpayer</h1> Form 5 is a statutory certificate and demand notice issued by the Tax Recovery Officer under sections 31 or 33 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. It certifies the amount of undisclosed foreign income/asset tax, penalty, interest, and other sums due from a taxpayer, referencing an earlier recovery certificate where applicable. The taxpayer is directed to pay the specified sum within 15 days of receipt, failing which recovery proceedings will be initiated under sections 31 to 39 of the Act, the Second Schedule to the Income-tax Act, 1961, and related rules. The taxpayer is also liable for all associated costs and expenses of recovery.
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