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tax · In Force

Black Money (Undisclosed Foreign Income and Assets) Act 2015

Targets undisclosed foreign income and assets. 30% tax + 90% penalty + imprisonment. One-time compliance window provided. ED and IT Department jointly enforce.

Enforced
1 April 2016
Ministry
Ministry of Finance

Key provisions and changes

  • 30% tax on foreign assets
  • 90% penalty
  • Rigorous imprisonment 3–10 years
  • One-time compliance window
  • Information exchange treaties used