Declaration of undisclosed foreign asset :
Section – 59. 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. |