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Fresh Look at One of India's Toughest Tax Laws After a Decade The government has initiated a comprehensive review of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) - one of India's most stringent anti-evasion laws amid growing concerns over its overlap with the Income Tax Act and its impact on genuine taxpayers. An internal committee headed by Amal Pusp, Principal Chief Commissioner of Income Tax for the Uttar Pradesh (East) region, has been taske
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FAQ :
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) is a stringent Indian law aimed at unearthing hidden offshore assets and penalising individuals and entities holding undisclosed income abroad.
The Act is under review due to concerns about its overlap with the Income Tax Act and its impact on genuine taxpayers. The government is examining its effectiveness and implementation challenges.
Key concerns include potential overlaps with the Income Tax Act, the law's retrospective provisions allowing probes into old assets, and unintended hardships for taxpayers with legitimate overseas holdings. The effectiveness of its enforcement and penalties is also being assessed.
The review is being conducted by an internal committee headed by Amal Pusp, Principal Chief Commissioner of Income Tax for the Uttar Pradesh (East) region.
Tax experts have suggested reconsidering retrospective provisions, particularly Section 72(c), and have proposed a new one-time disclosure or settlement scheme to allow taxpayers to voluntarily regularise undisclosed foreign assets.
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