Section-59 Declaration of undisclosed foreign asset
Chapter VI: Tax Compliance for Undisclosed Foreign Income and Assets
Section-59 Declaration of undisclosed foreign asset.
Subject to the provisions of this Chapter, any person may make, on or after the date of commencement of this Act but on or before a date to be notified by the Central Government in the Official Gazette, a declaration in respect of any undisclosed asset located outside India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on 1st day of April, 2016—
a. for which he has failed to furnish a return under section 139 of the Income-tax Act;
b. which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Act;
c. which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise
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