evidence: This article serves as a primer for the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Black money has long been a scourge for the Indian economy with residents refusing to report transactions to evade tax and avoid regulatory scrutiny. The National Council of Applied Economic Research estimated that the illicit wealth accumulated outside India between 1980 and 2010 as somewhere between USD 384 billion and USD 490 billion. In 2015, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) was enacted to penalise persons with black money abroad and to curb overseas diversion of Indian funds with the intention of evading taxes in India. The Black Money Act is essentially an extension of the Indian income tax regime that specifically targets residents hiding their income from foreign sources from the authorities. [...] Under the Black Money Act, undisclosed foreign income and, or, assets are subject to tax at 30% of the taxable value of such income and, or asset. Further, the assessee is also liable to a penalty of 3 times of the tax computed. As a consequence, the assessee ends up paying 120% of the taxable value of undisclosed foreign income or asset.