The Black Money Act imposes strict penalties and prosecution for undisclosed foreign income and assets; global data sharing aids detection.
This infographic summarizes the Black Money (Undisclosed Foreign Income and Assets) Act, 2015, which targets undisclosed foreign assets and income. Indian residents (ROR) must disclose all foreign holdings in their ITR. Penalties include ₹10 lakh per asset, tax at the highest slab, and fines up to 300% of tax due. Willful evasion can lead to imprisonment up to 10 years. Global agreements like FATCA and CRS help authorities detect unreported assets.