Section 61
Penalty. Repealed
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
About this Act
An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.
Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the
person making a declaration of undisclosed asset located outside India shall, in addition to tax charged
under section 60, be liable to penalty at the rate of one hundred per cent. of such tax.