SAMPLE CHAPTER
1 SALIENT FEATURES/ACTION POINTS Undisclosed foreign income and undisclosed foreign assets are
taxable under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act). Undisclosed foreign income and assets are not taxable under
sections 68 to 69D read with section 115BBE Sections 68 to 69D of the Income-tax Act,1961 (‘the Act’) deal with
additions to total income, in respect of undisclosed income (other than undisclosed foreign income and undisclosed foreign assets) represented by: Unexplained Cash Credits [Section 68] Unexplained Investments [Section 69] Unexplained money, etc. [Section 69A] Amount of investments, etc., not fully disclosed in the
books of account [Section 69B] Unexplained expenditure, etc. [Section 69C] Amount borrowed or repaid on Hundi [Section 69D] Section 115BBE of the Act provides for Tax on income referred
to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D. 3