Foreign assets disclosure scheme excludes declared foreign income or assets from taxable total if payment timely made. Income or the amount invested in an asset declared under the Scheme shall not be included in the declarant's total income under the Income-tax Act or the Black Money Act if the declarant pays the amount referred to in section 119 within the extended period specified in that section.
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.
Foreign assets disclosure scheme excludes declared foreign income or assets from taxable total if payment timely made.
Income or the amount invested in an asset declared under the Scheme shall not be included in the declarant's total income under the Income-tax Act or the Black Money Act if the declarant pays the amount referred to in section 119 within the extended period specified in that section.
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