What is Black Money Act? — It is known as Black Money (Undisc | Military Choice

What is Black Money Act?

— It is known as Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. #GKbyMilitaryChoice

— This Act is applicable to all person resident in India. In the case of Individuals, it applies to an ordinary resident under ITA.

— It penalises the concealment of foreign income. Also it provides for criminal liability for attempting to evade tax in relation to foreign income.

— The concerned person had to pay tax at the rate of 30 per cent and an equal amount by way of penalty if found having undisclosed overseas wealth. In case of non-declaration, the provisions included slapping of tax at the rate of 30% along with a penalty equal to three times the amount of tax evaded or 90% of the undisclosed income or the value of the asset. Only bank account up to total balance of Rs 5 lac exempt.

— The Act provides for punishment of jail for 3-10 years for the willful evasion.