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of <h1>Section 5: Calculating Undisclosed Foreign Income-No Deductions Allowed; Prior Assessed Income Reduces Taxable Assets</h1> Section 5 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, outlines the computation of total undisclosed foreign income and assets. It specifies that no deductions for expenditures, allowances, or losses are permitted. Income previously assessed or assessable under the Income-tax Act or this Act must be deducted from the value of undisclosed foreign assets if the assessee provides satisfactory evidence. For immovable property, the deduction is proportionate to the assessed foreign income relative to the asset's total cost. An illustration demonstrates the calculation, showing how previously taxed income reduces the taxable amount of an undisclosed asset.
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