Who Is Covered Under the Black Money Act in india?

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Source: Who Is Covered Under the Black Money Act in india?

Undisclosed assets and income under the Black Money Act 2015 refer to any foreign property, bank account, investment, or financial interest that a resident taxpayer owns but fails to report in their income tax return. It also includes income earned abroad that is not declared in India. Such non-disclosure is treated as tax evasion, leading to heavy tax, penalties, and prosecution under the Act.

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