摘要：Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015 (popularly Black Money Act) is an Act of the Parliament of India. It aims to curb black money, or undisclosed foreign assets and income and imposes tax and penalty on such income. The Act has been passed by both the Houses of the Parliament. The Act has received the assent of the President of India on 26 May 2015.It came into effect from 1 July 2015. The Finance Minister on 20 March, 2015 introduced in the Parliament a comprehensive new law on Black Money slashed away abroad. The new Bill is known as “The Undisclosed Foreign Income & Assets (Imposition of Tax) Bill, 2015. As per the new bill, non-filing of returns or filing of returns with inadequate disclosure of foreign assets will be liable for prosecution, with rigorous imprisonment. In this article an attempt has been made to bring the salient features of this new Bill so that all those persons who are holding foreign income and assets can take advantage of the provisions contained in this Bill.
关键词：undisclosed foreign income and assets;objects;features;penalty and prosecution
