The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act was enacted in 2015 providing a one-time window for declaring undisclosed foreign assets. Around 650 people declared money worth Rs 4,100 crore deposited in foreign banks.

• Two more compliance windows were provided by the government - the Income Declaration Scheme (IDS) and PMGKY in 2016. A total of 64,275 people disclosed Rs 65,250 crore under the IDS to be taxed at 45 %.
• Assets worth Rs 5,000 crore were declared under the PMGKY to be taxed at 50% with the condition of making an additional 25% investment in a ....