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of <h1>Key Terms Defined in Black Money Act: Assessee, Assessment, Board, and Undisclosed Foreign Assets Explained</h1> The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, defines key terms related to taxation of undisclosed foreign income and assets. An 'assessee' includes residents and certain non-residents of India who have undisclosed foreign income or assets. 'Assessment' encompasses reassessment, while 'assessment year' refers to the twelve-month period starting April 1. The 'Board' is the Central Board of Direct Taxes. An 'undisclosed asset located outside India' is an asset for which the source of investment is unexplained or unsatisfactory. The Act aligns other terms with definitions in the Income-tax Act, 1961.
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