evidence: Understanding The Basics of Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015 (Black Money Act, 2015) Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015, in short, Black Money Act (BMA) came into force from 01.04.2016 which seeks to tax Undisclosed Foreign Asset and Undisclosed Foreign Income at the rate of 30% alongwith Penalty at the rate of 90% apart from Interest and Prosecution on the Assessee. This article is just to understand the basics of the said Act. [...] As per amendment which came by Finance Act, 2019 with retrospective effect from 01.07.2015, if a person is a ‘not ordinarily resident’ but was a ‘resident’ under ITA in the year to which such undisclosed foreign income relates to or the undisclosed asset located outside India was acquired then also such person would be falling under the definition of an ‘Assessee’ under BMA.