Black Money, Undisclosed Foreign Income & Assets: Law & Practice | As Amended by The Finance Act, 2026

Black Money, Undisclosed Foreign Income & Assets: Law & Practice is a comprehensive and practical guide to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, offering an in-depth analysis of the legal framework governing undisclosed foreign income, offshore assets, taxation, compliance, and enforcement in India. The 1st Edition is fully updated to include a detailed analysis of the Foreign Assets of Small Taxpayers (FAST) Disclosure Scheme, 2026, effective from 16 August 2026, making it an essential reference for tax professionals, chartered accountants, advocates, and compliance practitioners.

The book systematically explains every significant aspect of the Black Money Act, including the scope and computation of undisclosed foreign income and assets, powers of tax authorities, assessment procedures, appeals, recovery mechanisms, interest, penalties, offences, prosecutions, and tax compliance obligations. It also provides practical guidance on disclosing foreign financial assets and overseas income, while examining international tax transparency initiatives such as CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act). The inclusion of tabular explanations of the FAST Disclosure Scheme enhances clarity and practical usability.

Designed as both a legal commentary and a practical handbook, the book includes judicial decisions, CBDT circulars, notifications, prescribed forms, and the complete text of the Black Money Act, 2015. By combining statutory provisions with practical insights and compliance guidance, it serves as a valuable resource for professionals dealing with international taxation, foreign asset disclosures, and regulatory compliance.

Key Features:

• Comprehensive commentary on the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
• Includes a detailed analysis of the Foreign Assets of Small Taxpayers (FAST) Disclosure Scheme, 2026, effective from 16 August 2026.
• Explains the FAST Scheme through dedicated chapters and easy-to-understand tabular presentations.
• Covers computation of undisclosed foreign income and assets, assessments, appeals, recovery, interest, penalties, offences, and prosecutions.
• Provides practical guidance on disclosure and compliance relating to foreign financial assets and overseas income.
• Examines international tax transparency frameworks, including CRS and FATCA.
• Includes judicial decisions, relevant circulars, notifications, prescribed forms, and the complete text of the Black Money Act, 2015.
• Offers practical insights for tax planning, compliance, litigation, and advisory practice.

The book is ideal for Chartered Accountants, tax practitioners, advocates, company secretaries, corporate tax professionals, international tax consultants, compliance officers, financial advisors, government officials, academicians, and students seeking a comprehensive understanding of India's Black Money law and foreign asset disclosure regime.

Chapter 1. Introduction
Chapter 2. Scope of Total Undisclosed Foreign Income and Assets and their Computation
Chapter 3. Tax Authorities
Chapter 4. Assessment
Chapter 5. Appeals and Revision
Chapter 6. Recovery of Tax
Chapter 7. Interest payable by assessee
Chapter 8. Penalties
Chapter 9. Offences and Prosecutions
Chapter 10. Tax Compliance for Undisclosed Foreign Income and Assets
Chapter 11. The Foreign Assets of Small Taxpayers (FAST) Disclosure Scheme, 2026
Chapter 11A. Provisions of the Foreign Assets of Small Taxpayers (FAST) Disclosure Scheme, 2026 explained in Tabular Format
Chapter 12. General Provisions of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Chapter 13. Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA
Chapter 14. Practical Aspects on the Disclosure of Financial Assets & Foreign Source Income
Appendix 1. Judicial Decisions on Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Appendix 2. Relevant Circulars Issued under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Appendix 3. Notifications on Black Money
Appendix 4. Relevant Forms
Appendix 5. Forms Prescribed under ‘The Foreign Assets of Small Taxpayers (FAST) Disclosure Scheme, 2026’
Appendix 6. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Appendix 7. Black Money Recovered by Government Agencies