TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETSCentral

Section 66 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Any amount of tax paid under section 60 or penalty paid under section 61 in pursuance of a declaration made under section 59 shall not be refundable.

Summary

Any tax paid on assets disclosed under the voluntary compliance window is final and cannot be given back.
Penalties paid as part of the disclosure process under this Act are also non-refundable.
This rule applies specifically to tax paid under section 60 and penalties paid under section 61.

Practical examples

1Mr. Sharma declares a foreign bank account and pays 30 lakh rupees in tax. A month later, he finds documents proving he already paid tax on that money years ago. Under Section 66, the government will not refund the 30 lakh rupees he just paid.

2A company pays a large penalty while disclosing an offshore office during the 2015 window. Even if they later argue that the penalty was calculated on an incorrect asset value, Section 66 prevents them from claiming a refund of that paid amount.

FAQ

1. Can I get a refund for tax paid under Section 66 of The Black Money Act, 2015?

No, Section 66 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, states that any tax paid under section 60 shall not be refundable.

2. Does the non-refundable rule in Section 66 of the Black Money law apply to penalties?

Yes, Section 66 explicitly mentions that any penalty paid under section 61 in pursuance of a declaration is not refundable.

3. If I make a mistake in my declaration, does Section 66 of the Act still block my refund?

The text of Section 66 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, provides no exceptions and states that paid amounts are not refundable.

Test yourself

Q1.Under Section 66 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which of the following is non-refundable?

Q2.According to Section 66 of the Black Money law, what is the status of a penalty paid under section 61?

Q3.Does Section 66 of The Black Money Act, 2015, allow refunds if a person overpays their tax under section 60?

Q4.Under Section 66 of the Act, which section covers the tax that is declared non-refundable?

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