The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BFIA Act) is India’s key legislation aimed at curbing tax evasion through undisclosed foreign assets. The Act defines mechanisms for identifying and taxing undisclosed income, reporting obligations for residents, and penalties for non-compliance. It empowers the Income Tax Department and related authorities to take legal action against individuals and entities holding offshore assets without proper disclosure.

This edition is structured to provide law students, tax professionals, and legal practitioners with clarity on statutory provisions, procedural requirements, and enforcement mechanisms under BFIA 2015. It covers assessment procedures, penalty calculations, prosecution provisions, and interaction with other taxation laws such as the Income Tax Act, 1961. By integrating practical examples, clear explanations, and authoritative text, the book equips readers to navigate complex offshore compliance and taxation scenarios effectively.

Additionally, the book highlights critical implications for corporate entities, high-net-worth individuals, and professionals dealing with cross-border financial transactions. As India continues to strengthen measures against black money and tax evasion, this edition serves as a comprehensive and authoritative guide for both academic study and practical legal compliance.