Pour two cups of water into a medium sized pot and bring it up to a boil over a medium high flame.
Meanwhile, prepare a tea bag by adding three tablespoons of dried tea leaves (Assam tea or strong black tea), four cardamom pods, and one star anise to a cheesecloth tea bag.
Once the water starts boiling, turn the heat off, and add the tea bag to the pot. Gently stir until the bag is completely submerged, and then let the tea steep covered for five minutes.
Remove the tea bag, and stir in ½ a teaspoon of anise powder. Then, add the vanilla extract, sugar and sweetened condensed milk to the tea.
Stir to dissolve all the ingredients, and allow the tea to cool down until it reaches room temperature.
Once you are ready to serve, take a large glass, fill 3/4th of it with ice cubes, and then pour the tea into it, leaving space for evaporated milk. Lastly, gently stir evaporated milk into your iced tea, and serve immediately.