💼 Understanding the Black Money Act: 10 Key Takeaways 🇮🇳💰
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 was a landmark step by India to tackle unaccounted wealth abroad. Here’s what every finance, tax, and compliance professional should know:
🔹 Applies to Indian residents with undisclosed foreign income/assets
🔹 Imposes 30% flat tax (no exemptions or deductions)
🔹 Heavy penalties up to 300% of tax for concealment
🔹 Includes criminal prosecution with up to 10 years’ imprisonment
🔹 Special compliance window (2015) for voluntary disclosures
🔹 No set-off of losses allowed
🔹 No time limit for reassessing foreign assets
🔹 Covers beneficial owners and inherited foreign assets
🔹 Civil courts barred from jurisdiction
🔹 A bold move in India’s fight against illicit foreign wealth
🧾 A must-know for CA, CS, lawyers, compliance officers, and wealth managers.
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