GENERAL KNOWLEDGE

Detailed explanation-1: -Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 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.

Detailed explanation-2: -What is Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015? It penalises the concealment of foreign income and provides for criminal liability for attempting to evade tax in relation to foreign income.

Detailed explanation-3: -If a PERSON who holds any foreign asset or has any foreign income files his returns but fails to furnish any information on foreign assets or furnishes inaccurate particulars in returns, the AO may levy penalty of Rs 10 lakhs.

Detailed explanation-4: -of India has introduced the BMA, 2015 in addition to existing Income Tax Act (ITA) 1961 to punish the ordinary resident of India (taxpayer) for having undisclosed foreign income and asset (UFIA) outside India as earned through illegitimate activity as resulting to loss of Income tax (revenue) to Govt. of India (Govt.)