Section 2 - Definitions.

Undisclosed foreign assets: definitions clarify who is an assessee and how foreign assets and income are characterised and valued.

Definitions set the Act's scope: Assessee encompasses residents and certain prior-year residents; undisclosed asset located outside India covers foreign assets and financial interests where source explanations are absent or unsatisfactory; undisclosed foreign income and asset means undisclosed foreign income plus the value of such undisclosed assets as computed under the Act. The section also defines assessment, assessment year, Board, participant, prescribed, previous year, resident, value of an undisclosed asset, and adopts meanings from the Income-tax Act where terms are not otherwise defined.