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Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015

Undisclosed foreign assets taxable at 30% with heavy penalties; voluntary disclosure window allows regularisation under new law. The Act charges tax at thirty per cent on an assessee's total undisclosed foreign income and assets, defined to include undisclosed foreign-source income and the value of assets located outside India for which no satisfactory source of investment is shown; computation disallows deductions and permits reduction only to the extent of previously assessed foreign income evidenced to the Assessing Officer. Assessments may be made on notice or to best judgment if the taxpayer does not comply; tax authorities exercise court-like discovery and production powers; an attached appellate and revision framework applies. Voluntary declarations permit payment of thirty per cent tax plus a penalty equal to that tax, with prescribed formality and timelines, and declared assets receive limited protection from wealth-tax and certain prosecutions if conditions are met.