Para 137 - Any income or asset declared not to affect finality of completed assessments

Finality of assessments under disclosure scheme bars rectification, revision, set-off, and related appellate relief.

In respect of income or assets declared under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, and any amount paid in relation to such declaration, the declarant cannot seek rectification or revision of assessments made under the Income-tax Act, 1961 or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The declarant is also barred from claiming any set-off or other relief in any appeal, reference, or similar proceeding connected with those assessments.