https://www.taxtmi.com/acts?id=19920 Exemption applies to undisclosed foreign assets represented by cash, bullion or other declared assets where the declarant either failed to furnish a wealth-tax return for the assessment year commencing on or before 1 April 2015, did not show the assets in the return of net wealth, or understated their value; assets in the first two categories are excluded from net wealth and not subject to wealth-tax, while understatement is ignored only to the extent it does not exceed voluntarily disclosed income used to acquire the assets; firm declarations likewise exclude partners' interests, subject to section 63 conditions. en-us Fri, 03 Jul 2015 18:23:37 +0530 Wed, 05 Nov 2025 17:32:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=19920 Exemption applies to undisclosed foreign assets represented by cash, bullion or other declared assets where the declarant either failed to furnish a wealth-tax return for the assessment year commencing on or before 1 April 2015, did not show the assets in the return of net wealth, or understated their value; assets in the first two categories are excluded from net wealth and not subject to wealth-tax, while understatement is ignored only to the extent it does not exceed voluntarily disclosed income used to acquire the assets; firm declarations likewise exclude partners' interests, subject to section 63 conditions. Act-Rules Direct Taxes Fri, 03 Jul 2015 18:23:37 +0530 https://www.taxtmi.com/acts?id=19920