Black Money Act Under Review: Tax Department Examines Overlaps with Income Tax Law

The Indian government is reviewing the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, to assess its effectiveness and identify overlaps with the Income Tax Act. An internal committee has been formed to examine the law's implementation challenges and its impact on genuine taxpayers. The review aims to ensure that the law targets illicit financial activities without adversely affecting compliant individuals.