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of <h1>Black Money Act 2015: New Start Date Set for July 1, 2015 to Tackle Undisclosed Foreign Assets.</h1> The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, initially set to come into force on April 1, 2016, has been revised to take effect from July 1, 2015. This adjustment addresses difficulties in interpreting the commencement date for tax chargeability on undisclosed foreign income and assets. The Act, which received presidential assent on May 26, 2015, mandates declarations of undisclosed foreign assets acquired from income chargeable under the Income-tax Act, 1961, for assessment years prior to April 1, 2016. The Central Government issued this order to clarify and implement these provisions effectively.
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