Undisclosed foreign asset declaration requires full asset schedule, tax and penalty calculation, payment proof and verification under Black Money Act. Form 6 requires declarant identification, status and return history and an annexed itemised schedule of undisclosed foreign assets by category with acquisition, ownership and valuation particulars. It mandates computation of aggregate fair market value, tax and penalty based on that aggregate, submission of payment proof with challan details, and calculation of balance tax. The verification demands attestations regarding completeness, non-applicability of specified criminal or notification bars, and that assets were not acquired from income already chargeable to tax in specified scenarios; declarations can be voided for non-payment or misrepresentation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Undisclosed foreign asset declaration requires full asset schedule, tax and penalty calculation, payment proof and verification under Black Money Act.
Form 6 requires declarant identification, status and return history and an annexed itemised schedule of undisclosed foreign assets by category with acquisition, ownership and valuation particulars. It mandates computation of aggregate fair market value, tax and penalty based on that aggregate, submission of payment proof with challan details, and calculation of balance tax. The verification demands attestations regarding completeness, non-applicability of specified criminal or notification bars, and that assets were not acquired from income already chargeable to tax in specified scenarios; declarations can be voided for non-payment or misrepresentation.
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