Sections 69-70 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.
Section 69 gave a declarant relief under the Wealth-tax Act, 1957 for cash (including bank deposits), bullion or other assets specified in a declaration under section 59. Section 70 applied the special-case liability provisions of the Income-tax Act and the Wealth-tax Act to proceedings under Chapter VI. On the face of the sources the window is closed, and this article is a record of what the Chapter provided. A reader with an old wealth-tax question 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, where an undisclosed foreign asset was cash (including bank deposits), bullion or any other asset specified in the declaration, and the declarant had not filed a wealth-tax return, had not shown the asset in it, or had understated its value, wealth-tax was not payable on the assets in the first two cases and the understated amount was left out of net wealth in the third, to the extent stated (section 69). The relief applied only if the conditions in section 63(1) and (2) were fulfilled. Section 70 applied certain special-case provisions of the Income-tax Act and the Wealth-tax Act to proceedings under the Chapter.
Section 69: exemption from wealth-tax
The marginal note reads "Exemption from wealth-tax in respect of assets specified in declaration". The references to the Wealth-tax Act, 1957 are quoted as printed in 2015, and this article says nothing about that Act's later history; the current law should be checked.
Sub-section (1): when it applied. Where the undisclosed asset located outside India is represented by cash (including bank deposits), bullion or any other assets specified in the declaration made under section 59, and:
- (a) the declarant had failed to furnish a return under section 14 of the Wealth-tax Act, 1957 for the assessment year commencing on or before the 1st day of April, 2015; or
- (b) the assets had not been shown in the return of net wealth furnished by him for the said assessment year or years; or
- (c) the assets had been understated in value in the return of net wealth furnished by him for the said assessment year or years,
then, notwithstanding anything contained in the Wealth-tax Act, 1957 or any rules made under it:
- (I) wealth-tax was not payable by the declarant in respect of the assets referred to in clause (a) or (b), and such assets were not included in his net wealth for the said assessment year or years; and
- (II) the amount by which the value of the assets referred to in clause (c) had been understated in the return of net wealth, to the extent that amount did not exceed the voluntarily disclosed income utilised for acquiring such assets, was not taken into account in computing the net wealth of the declarant for the said assessment year or years.
Note how clause (II) is limited: the understated amount was left out only "to the extent such amount does not exceed the voluntarily disclosed income utilised for acquiring such assets". The cap is in the text.
Explanation. Where a declaration under section 59 was made by a firm, the assets referred to in clause (I) or, as the case may be, the amount referred to in clause (II) were not to be taken into account in computing the net wealth of any partner of the firm or, as the case may be, in determining the value of the interest of any partner in the firm.
Sub-section (2). The provisions of sub-section (1) did not apply unless the conditions specified in sub-sections (1) and (2) of section 63 were fulfilled by the declarant. Those conditions are payment of tax and penalty by the notified date and filing of proof of payment; see our article on sections 60 to 63.
Section 63(3) separately treats a declaration as never made if the tax was not paid by the notified date.
Section 69 at a glance
| Situation (as enacted) | Result |
|---|---|
| (a) No wealth-tax return filed for the assessment year commencing on or before 1 April 2015 | Wealth-tax not payable; assets not included in net wealth (clause (I)) |
| (b) Asset not shown in the return of net wealth | Same as (a) |
| (c) Asset understated in value in the return | The understated amount, up to the voluntarily disclosed income utilised for acquiring the assets, not taken into account in net wealth (clause (II)) |
| Declaration by a firm | The relief is not counted in a partner's net wealth or in valuing the partner's interest in the firm (Explanation) |
| Condition | Section 63(1) and (2) fulfilled (sub-section (2)) |
What section 69 did not cover
The text speaks only of cash (including bank deposits), bullion or any other assets specified in the declaration. The words "any other assets" are open-ended but still tied to what the declaration specified. The section deals with the Wealth-tax Act; it is silent on any other tax. Section 72(a) adds, for the removal of doubts, that save as otherwise expressly provided in the Explanation to section 69(1), nothing in the Chapter conferred any benefit, concession or immunity on any person other than the person making the declaration. See our article on sections 71 and 72.
Section 70: applied provisions
The marginal note, split over several lines, reads "Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act". The section says that the provisions of Chapter XV of the Income-tax Act relating to liability in special cases, and of section 189 of that Act, or of Chapter V of the Wealth-tax Act, 1957 relating to liability to assessment in special cases, "shall, so far as may be, apply in relation to proceedings under this Chapter as they apply in relation to proceedings under the Income-tax Act or, as the case may be, the Wealth-tax Act".
In plain words, the rules on liability in special cases in those Acts were applied to the Chapter VI proceedings "so far as may be". The Act as enacted does not list the cases in section 70, and this article does not describe the content of Chapter XV or section 189 of the Income-tax Act or of Chapter V of the Wealth-tax Act, since they are outside the sources. A reader who needs them must consult those Acts as they stood in 2015 and as they stand now. The reference to the Income-tax Act is to the Income-tax Act, 1961 as printed in 2015; the corresponding provision of the current income-tax law should be checked.
How the Income-tax Act is applied to the rest of the Act is a separate question dealt with in section 84; see our article on sections 84 and 85.
A worked example (in the past tense)
Gopal Menon, a resident, held cash deposits abroad in an earlier year and had never filed a wealth-tax return that showed them. In the window, he declared them under section 59 and paid the tax and penalty by the notified date, filing proof of payment as section 63(2) required. Under section 69(1)(a) read with (I), no wealth-tax was payable by him on those deposits for the relevant assessment years, and they were not included in his net wealth. Had he instead filed a return that showed the deposits at a lower value, clause (c) and (II) would have applied, and only the understated amount up to the voluntarily disclosed income used to acquire the deposits would have been left out of net wealth. Had he failed to pay by the notified date, section 69(2) would have denied him the relief altogether, and the declaration would have been treated under section 63(3) as never made.
Points a reader should note
- The relief is tied to the assessment years "commencing on or before the 1st day of April, 2015".
- It protects the declarant; section 72(a) says benefit does not pass to anyone else except as the Explanation to section 69(1) provides for partners of a firm.
- Section 69 gave no wider relief from the Income-tax Act; the position under that Act is in sections 64 to 68, covered in our article on sections 64 to 68.
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 Wealth-tax Act, 1957 and the Income-tax Act are quoted as printed in 2015; the current law should be checked.
Need help with an old wealth-tax question?
If an old foreign deposit or bullion holding raises a question about earlier wealth-tax returns, our legal consultation team can set out what this Chapter provided and how it fits your records.
Key takeaways
- Section 69 gave wealth-tax relief for cash (including bank deposits), bullion or other assets specified in a declaration under section 59.
- It covered no return, non-disclosure and understatement in the wealth-tax return, for assessment years commencing on or before 1 April 2015.
- For understatement, the relief was limited to the voluntarily disclosed income utilised for acquiring the assets.
- The relief depended on the conditions in section 63(1) and (2).
- Section 70 applied special-case provisions of Chapter XV and section 189 of the Income-tax Act, and Chapter V of the Wealth-tax Act, to proceedings under Chapter VI.
- Check later Finance Act amendments before acting.
Read next
- Sections 64 to 68: effect of declaration and void declarations
- Sections 71 and 72: persons excluded from declaration and removal of doubts
- Sections 60 to 63: tax, penalty, manner and time for the one-time declaration
- 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.