Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
| Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 | |
|---|---|
 | |
| An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto. | |
| Citation | Act No 22 of 2015 |
| Territorial extent | Whole of India |
| Enacted by | Parliament of India |
| Date enacted |
11 May 2015 (Lok Sabha) |
| Date assented to | 26 May 2015 |
| Date signed | 26 May 2015 |
| Date commenced | 1 July 2015 |
| Legislative history | |
| Bill citation | 84-C of 2015 |
| Bill published on | 20 March 2015 |
| Status: In force | |
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Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 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.[1][2] It came into effect from 1 July 2015.
See also
External links
- Bill as passed by Lok Sabha
- Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets: CBDT Circular No. 15 of 2015
References
- ↑ "Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015" (PDF). 26 May 2015. Retrieved 29 May 2015.
- ↑ "Tax Talk: Black money Bill gives a chance to come clean". Financial Express. 19 May 2015. Retrieved 21 May 2015.
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