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of <h1>Declare Undisclosed Foreign Assets Acquired Before April 1, 2016, Under Black Money Act 2015 for Tax Compliance.</h1> Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, individuals can declare undisclosed foreign assets acquired from income taxable under the Income-tax Act for assessment years before April 1, 2016. This declaration must be made within a specified period notified by the Central Government. It applies to assets for which the individual failed to file a return, did not disclose in a filed return, or which escaped assessment due to non-disclosure or omission. This provision aims to ensure tax compliance for undisclosed foreign income and assets.
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