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of <h1>Definitions for taxation of undisclosed foreign income and assets, including assessee, resident, previous year, and valuation</h1> This Act defines key terms for taxing undisclosed foreign income and assets: 'Appellate Tribunal' refers to the tribunal under the Income-tax Act; 'assessee' covers residents and certain non-residents who were resident when the relevant foreign income or asset arose; 'resident' and other fiscal terms adopt meanings from the Income-tax Act; 'previous year' and 'assessment year' set taxable periods; 'undisclosed asset located outside India' and 'undisclosed foreign income and asset' describe foreign holdings and income lacking satisfactory source explanations and their valuation; 'participant,' 'unincorporated body,' 'Board,' 'prescribed,' and 'assessment' are also defined, with undefined terms to follow the Income-tax Act.
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