India's Black Money Act under review: What is it
India's Black Money Act, which has been in force since 2015, is now under review.
Tax officials are checking how well it works alongside existing tax laws and whether its tough penalties need an update.
The law was originally brought in to crack down on hidden foreign income and assets—basically, to help fight corruption.
Suggestions for changes
A big complaint is that the Act can look back at foreign assets from before 2015, making it tough for people to dig up old paperwork.
Legal experts say this puts too much pressure on taxpayers—especially with rules like Section 72(c).
To make things easier (and maybe boost revenue), some suggest a new disclosure scheme so people can come clean about missed assets without facing huge penalties.
The review team is expected to consider these ideas for possible changes.