On 13 May 2015, India's upper house of parliament, Rajya Sabha, passed the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill 2015, which had been passed by the lower house a few days earlier.

Key aspects of the Bill include:

• Undisclosed foreign income or income from undisclosed foreign assets will no longer be taxed under the 1961 Income Tax Act, but will instead be taxed at a fl…