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of <h1>30% Tax Imposed on Undisclosed Foreign Income and Assets per Black Money Act 2015, Effective April 1, 2016</h1> Every assessee is subject to a 30% tax on their total undisclosed foreign income and assets for each assessment year starting April 1, 2016, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. An undisclosed asset located outside India is taxed based on its value in the year it is discovered by the Assessing Officer. The 'value of an undisclosed asset' refers to its fair market value, including financial interests in any entity, as determined by prescribed methods.
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