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

To bring back Undisclosed(black) money stashed abroad
Separate taxation of any undisclosed income in relation to foreign income and assets
The Act will apply to all persons resident in India. Provisions of the Act will apply to both undisclosed foreign income and assets (including financial interest in any entity).
Undisclosed foreign income or assets shall be taxed at the flat rate of 30 per cent. No exemption or deduction or set off of any carried forward losses which may be admissible under the existing Income-tax Act, 1961, shall be allowed.
Violation of the provisions will entail stringent penalties.The penalty for non-disclosure of income or an asset located outside India will be equal to three times the amount of tax payable thereon, i.e., 90 per cent of the undisclosed income or the value of the undisclosed asset. This is in addition to tax payable at 30%.
Failure to disclose in return in respect of foreign income or assets shall attract a penalty of ₹ 10 lakhs.
The punishment for willful attempt to evade tax in relation to a foreign income or an asset located outside India will be rigorous imprisonment from three years to ten years
Failure to furnish a return in respect of foreign assets and bank accounts or income will be punishable with rigorous imprisonment for a term of six months to seven years.
To protect persons holding foreign accounts with minor balances which may not have been reported out of oversight or ignorance, it has been provided that failure to report bank accounts with a maximum balance of up to ₹ 5 lakh at any time during the year will not entail penalty or prosecution.
One time compliance opportunity – The Act also provides a one time compliance opportunity for a limited period to persons who have any undisclosed foreign assets which have hitherto not been disclosed for the purposes of Income-tax.
Such persons may file a declaration before the specified tax authority within a specified period, followed by payment of tax at the rate of 30 per cent and an equal amount by way of penalty.
Such persons will not be prosecuted under the stringent provisions of the Act. It is to be noted that this is not an amnesty scheme as no immunity from penalty is being offered.

It is merely an opportunity for persons to come clean and become compliant before the stringent provisions of the Act come into force.
Any person on or after the date of commencement of this Act but on or before a date to be notified by the Central Government in the Official Gazette, to make a declaration in respect of any undisclosed asset located outside India and acquired from income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on 1st day of April, 2016 i.e up to 31st March 2016.
1. For which he has failed to furnish a return under section 139 of the Income-tax Act;
2. Which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Act;
3. Which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise.
The Order is appealable before ITAT, High Court and Supreme Court.