Black Money Act should have space for bona fide mistakes: 5 reforms in Budget 2026 can make the act more effective

It has been more than a decade since the introduction of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act in 2015, and its practical impact is now well established. Be it disclosures under the one-time disclosure scheme, which was introduced with the law, or the flurry of notices and summons that followed and assessment orders, appeals as well as writs constitutionally challenging various provisions of this law in courts.