<h1>Stricter Penalties for Undisclosed Foreign Assets Under Black Money Act, 2015; Tax Evasion Now a Scheduled Offense.</h1> The government introduced the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 to address black money held abroad. This law imposes stricter penalties and prosecutions, making tax evasion a scheduled offense under the Prevention of Money-laundering Act, 2002. It allows for the attachment and confiscation of proceeds from tax evasion. The law took effect on July 1, 2015, with the first assessment year starting April 1, 2016. A compliance window until September 30, 2015, resulted in 648 declarations of undisclosed foreign assets worth Rs. 4,164 crore, yielding Rs. 2,476 crore in taxes and penalties.