Clause 125 - Effect of declaration on pending assessment proceedings.

Foreign assets disclosure scheme: declarations must be taken into account in pending income tax and black money assessment proceedings.

A declaration of undisclosed foreign income or assets under the Scheme must be taken into account by the Assessing Officer when finalising pending assessments under the Income tax Act, 1961 or the Black Money Act, 2015. The Chapter sets out eligibility, filing, tax/penalty determination, verification (including electronic verification), payment procedures and certificates, rules on invalid declarations, non inclusion of declared amounts in total income, bar on refunds or post scheme adjustments, grant of immunity subject to conditions, exclusions and rulemaking and administrative powers.