Amount payable by declarant

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Table in section 133 of the Act, the amount payable by the declarant shall be as specified in column (3), subject to the conditions in column (4) thereof. Illustration 1: • An undisclosed foreign bank account (BA) exists as on 31st March, 2026. The value of BA on that date is Rs.60 lakh. The assessee has also earned undisclosed foreign income (FI) of Rs.20 lakh during earlier previ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dia (FA) was acquired in 2015 from income earned abroad when the assessee was a non-resident. After becoming resident in India, the assessee failed to disclose FA in the relevant Schedule of the return of income. • The value of FA on the valuation date is Rs.3 crore (which does not exceed Rs.5 crore). Hence, the case is covered under serial number 2 of Table in section 133 of the Act.....