Sections 64-68 explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Sections 64 to 68 say what a completed declaration under section 59 achieved, and what it did not. The declared amount stayed out of total income, past assessments could not be reopened by the declarant, tax and penalty paid were not refundable, the declaration was not usable as evidence against the declarant for the purposes listed, and a declaration made by misrepresentation was void. The window is closed on the face of the sources, and this article records what the Chapter provided. A reader weighing the effect of an old declaration can take advice from our legal consultation team.
As per the Act as enacted and published in the Gazette of India on 27 May 2015, if the declarant paid the tax under section 60 and the penalty under section 61 by the notified date, the declared amount was not included in his total income (section 64). He could not reopen completed assessments (section 65), the tax and penalty were not refundable (section 66), the declaration was not admissible in evidence against him for the purposes stated (section 67), and a declaration obtained by misrepresentation or suppression of facts was void (section 68).
Section 64: declared amount not included in total income
The marginal note reads "Undisclosed foreign asset declared not to be included in total income". The amount of undisclosed investment in an asset located outside India declared in accordance with section 59 "shall not be included in the total income of the declarant for any assessment year under the Income-tax Act", if the declarant makes the payment of tax under section 60 and the penalty under section 61 by the date notified under section 63(1).
The condition is payment of both tax and penalty by the notified date. The sources do not give that date, and this article gives none. The Act as enacted does not say, in section 64, what happens to the exclusion if the declaration is later held void; section 68 deals with that. See our article on sections 60 to 63 for the tax, penalty and payment.
Section 65: finality of completed assessments
The marginal note reads "Undisclosed foreign asset declared not to affect finality of completed assessments". The declarant "shall not be entitled", in respect of the undisclosed asset declared or any amount of tax paid on it:
- to reopen any assessment or reassessment made under the Income-tax Act or the Wealth-tax Act, 1957; or
- to claim any set off or relief in any appeal, reference or other proceeding in relation to any such assessment or reassessment.
In plain words, the declaration was one-way. It could not be used as a lever to undo earlier assessments or to claim credit in proceedings about them. The Wealth-tax Act, 1957 reference is quoted as printed in 2015; the current law should be checked.
Section 66: tax and penalty not refundable
The marginal note reads "Tax in respect of voluntarily disclosed asset not refundable". Any amount of tax paid under section 60 or penalty paid under section 61 in pursuance of a declaration under section 59 "shall not be refundable". The section prints no exception.
Section 67: declaration not admissible in evidence
The marginal note reads "Declaration not admissible in evidence against declarant". Notwithstanding anything contained in any other law for the time being in force, nothing contained in a declaration made under section 59 shall be admissible in evidence against the declarant for the purpose of:
- any proceeding relating to imposition of penalty, other than the penalty leviable under section 61; or
- prosecution under the Income-tax Act or the Wealth-tax Act, 1957 or the Foreign Exchange Management Act, 1999 or the Companies Act, 2013 or the Customs Act, 1962.
Read the section closely. It bars use of the declaration for penalty proceedings (other than the section 61 penalty itself) and for prosecution under the five Acts named. The Act as enacted does not say, in this section, that the declaration is barred as evidence for other purposes, such as a proceeding for tax under another provision, and this article does not read in a wider bar. Nor does section 67 name prosecution under this Act. For the offences under this Act, see our article on sections 48 and 49. The laws named are quoted as printed in 2015, and the current law should be checked. For the parallel foreign-exchange law on assets held outside India, see our guide on section 4 of FEMA 1999.
Section 68: declaration by misrepresentation void
The marginal note reads "Declaration by misrepresentation of facts to be void". Notwithstanding anything contained in the Chapter, where a declaration has been made by misrepresentation or suppression of facts, "such declaration shall be void and shall be deemed never to have been made under this Chapter".
Form 6 of the Rules carries a note to the same effect, discussed in our article on Rules 9 to 12 and Forms 6 and 7.
The five sections at a glance
| Section | Effect (as enacted) | Condition or limit |
|---|---|---|
| 64 | Declared amount not included in total income under the Income-tax Act | Tax under section 60 and penalty under section 61 paid by the date notified under section 63(1) |
| 65 | Declarant cannot reopen assessments or claim set off or relief in proceedings about them | Income-tax Act and Wealth-tax Act, 1957 assessments |
| 66 | Tax and penalty paid are not refundable | No exception printed |
| 67 | Declaration not admissible in evidence against the declarant | For penalty proceedings other than the section 61 penalty, and for prosecution under the five Acts named |
| 68 | Declaration made by misrepresentation or suppression of facts is void | Deemed never made under the Chapter |
How the sections work together: a worked example
Latha Ramesh, a resident, declared a foreign bank deposit in the window under section 59, paid the tax and the penalty by the date notified under section 63(1), and so the declared amount was left out of her total income under section 64. She later found that an earlier assessment had gone against her on an unrelated point. Section 65 meant she could not use the declaration to reopen that assessment. She also discovered that she had overpaid on her own calculation of value; section 66 says the tax and penalty paid are not refundable. When a penalty proceeding under an unrelated provision was started, section 67 meant the contents of her declaration could not be used against her in it, as the section says; the penalty under section 61, which she had already paid, was outside that protection.
Now take a different declarant, Prakash Rane, who declared a different asset but described it incorrectly and left out a related holding to keep the value low. If the declaration was made by misrepresentation or suppression of facts, section 68 made it void and deemed never to have been made, with the consequences for the asset set out in section 72 (see our article on sections 71 and 72).
What the printed text leaves open
The Act as enacted does not say who decides whether a declaration was made by misrepresentation, or by what procedure. It does not say whether tax and penalty paid on a void declaration are retained. Section 66 says they are not refundable, and section 68 says the declaration is deemed never made; the interaction is not spelled out in these sections. This article does not resolve it.
References and what to check
The sections are read as enacted and as a record of what the Chapter provided. Later Finance Act amendments should be checked. References to the Income-tax Act and the Wealth-tax Act, 1957 are to the laws as printed in 2015; the corresponding provision of the current law should be checked.
Need help reading an old declaration?
If a past declaration or payment is affecting a current notice, our legal consultation team can read the declaration and the provisions together with you and explain the options.
Key takeaways
- The declared amount was left out of total income if tax and penalty were paid by the notified date (section 64).
- Completed assessments could not be reopened by the declarant (section 65).
- Tax and penalty paid were not refundable (section 66).
- The declaration was not admissible against the declarant for the penalty and prosecution purposes stated (section 67).
- A declaration made by misrepresentation or suppression of facts was void (section 68).
- Check later Finance Act amendments before acting.
Read next
- Section 59: declaration of undisclosed foreign asset
- Sections 60 to 63: tax, penalty, manner and time for the one-time declaration
- Sections 69 and 70: wealth-tax exemption and applied income-tax provisions
- Black Money Act: undisclosed foreign income
Disclaimer: Based on the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 as enacted and published in the Gazette of India on 27 May 2015, and on the Rules of 2015 as notified on 2 July 2015, as consulted on 2 October 2026. Later Finance Act amendments, amendment rules and the current income-tax law should be checked. This article is general information, not legal advice; check the official text before acting.