The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act), applies to Indian residents and will replace the Income Tax Act, 1961, for the taxation of foreign income and assets. The Black Money Act penalizes the concealment of foreign income and assets and holds criminally liable those attempting to evade tax in relation to foreign income and assets. Its key features are outlined below.
Tax rate
A flat tax rate of 30% on undisclosed foreign income and assets of the previous assessment year with a penalty of up to 90% of the undisclosed income will apply from 1 April 2016. No exemption, deduction or set-off of any carried forward losses will apply.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
