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

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is a law that aims to curb the menace of black money by imposing taxes on undisclosed foreign income and assets. The act applies to all Indian residents and non-residents who have undisclosed foreign income and assets. The act requires taxpayers to file a return for any foreign income and assets, pay taxes on the same, and declare such assets in their income tax returns. Failure to comply with the provisions of the act attracts severe penalties and prosecution. The act also provides for the establishment of an Appellate Tribunal and allows the government to enter into agreements with other countries to share information on undisclosed foreign income and assets.