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of <h1>The Black Money Act 2015 targets undisclosed foreign income and assets; excludes certain adjustments under Income-tax Act sections.</h1> The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, defines total undisclosed foreign income and assets as income from sources outside India that have not been disclosed in a timely filed return, as required by the Income-tax Act. It includes income from foreign sources where no return has been filed within the specified timeframe and the value of undisclosed foreign assets. However, any adjustments made to foreign income during assessment or reassessment under specific sections of the Income-tax Act are excluded from this definition. Such undisclosed income and assets are not considered part of total income under the Income-tax Act.
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