The Black Money Act imposes a 30% tax and up to 90% penalty on undisclosed foreign assets; non-compliance can lead to imprisonment and hefty fines.
This infographic summarizes the Black Money (Undisclosed Foreign Income and Assets) Act, 2015. The Act targets Indian residents with unreported foreign assets or income, including bank accounts, properties, and investments. Undisclosed foreign income is taxed at 30%, with additional penalties up to 90% of the tax due. Willful evasion can result in imprisonment for up to 10 years. The law mandates disclosure of all foreign assets in the ITR, and failure to do so can attract penalties of ₹10 lakh or more, depending on asset value. A one-time compliance window was provided, but ongoing non-disclosure faces strict consequences. Accurate reporting and staying updated on tax rules are essential to avoid severe penalties and legal action12345
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