https://www.taxtmi.com/article/detailed?id=15850 Clause 120 grants conditional immunity by providing that income or the amount of investment in a foreign asset declared under Section 118 shall not be included in the declarant's total income under the Income-tax Act or the Black Money Act, provided the declaration is procedurally compliant and the payment determined under Section 119 is made within the extended period under Section 119(3). Clauses 121-123 secure settlement finality by barring rectification or refund claims and extending immunity from penalties and prosecution for disclosed assets when scheme conditions are satisfied. en-us Tue, 10 Feb 2026 09:11:17 +0530 Tue, 10 Feb 2026 09:11:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15850 Clause 120 grants conditional immunity by providing that income or the amount of investment in a foreign asset declared under Section 118 shall not be included in the declarant's total income under the Income-tax Act or the Black Money Act, provided the declaration is procedurally compliant and the payment determined under Section 119 is made within the extended period under Section 119(3). Clauses 121-123 secure settlement finality by barring rectification or refund claims and extending immunity from penalties and prosecution for disclosed assets when scheme conditions are satisfied. Articles Budget - Tax Proposals Tue, 10 Feb 2026 09:11:17 +0530 https://www.taxtmi.com/article/detailed?id=15850