Section 62 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
- (1)A declaration under section 59 shall be made to the Principal Commissioner or the Commissioner and shall be in such form and shall be verified in such manner as may be prescribed. (2) The declaration shall be signed,—
- (i)where the declarant is an individual, by the individual himself; where such individual is absent from India, by the individual concerned or by some person duly authorised by him in this behalf; and where the individual is mentally incapacitated from attending to his affairs, by his guardian or by any other person competent to act on his behalf;
- (ii)where the declarant is a Hindu undivided family, by the karta, and where the karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of such family;
- (iii)where the declarant is a company, by the managing director thereof, or where for any unavoidable reason such managing director is not able to sign th edeclaration or where there is no managing director, by any director thereof;
- (iv)where the declarant is a firm, by the managing partner thereof, or where for any unavoidable reason such managing partner is not able to sign the declaration, or where there is no managing partner as such, by any partner thereof, not being a minor;
- (v)where the declarant is any other association, by any member of the association or the principal officer thereof; and
- (vi)where the declarant is any other person, by that person or by some other person competent to act on his behalf.
- (3)Any person, who has made a declaration under sub-section (1) in respect of his asset or as a representative assessee in respect of the asset of any other person, shall not been titled to make any other declaration, under that sub-section in respect of his asset or the asset of such other person, and any such other declaration, if made, shall be deemed to be void.
Summary
- You must submit your declaration to the Principal Commissioner or the Commissioner.
- The declaration must be in a specific form and verified as required by the rules.
- Specific people are required to sign the papers, such as the individual themselves or the head of a family.
- For companies, the managing director must sign unless they are unavailable, in which case any director can sign.
- You are only allowed to file one declaration for yourself or for any specific person you represent.
- If you try to file a second declaration for the same asset or person, it will be considered void and have no legal power.
Practical examples
FAQ
1. Who do I file my papers with under Section 62 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?
You must make your declaration to the Principal Commissioner or the Commissioner under Section 62 of the Act.
2. Can I file two separate declarations for my foreign bank account under Section 62 of the Black Money Act?
No, Section 62 of the Act states that you are not entitled to make more than one declaration, and a second one would be void.
3. Who signs the declaration for a Hindu Undivided Family under Section 62 of the Black Money Act?
It must be signed by the Karta, who is the manager of the family, or another adult member if the Karta is absent or incapacitated.
4. What happens if a person is mentally unable to sign their own declaration under Section 62 of the Black Money Act?
Under Section 62, their guardian or another person competent to act for them can sign the declaration.
Test yourself
Q1.Who is the primary authority to receive a declaration under Section 62 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?
Q2.Under Section 62 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, what is the status of a second declaration filed by the same person?
Q3.For a company filing under Section 62 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, who is the first choice to sign?
Q4.If an individual is absent from India, who can sign their Section 62 declaration under the Black Money Act?