Anti-black money bill: Salient points (to go with Anti-black money bill tabled in Lok Sabha

Posted on 21st Mar 2015 10:35 am by mohit kumar

Salient points of the Anti-black money bill tabled in the Lok Sabha Friday

* Maximum of 10 years rigorous imprisonment for offenders who evade taxes on foreign assets.

* Penalty at the rate of 300 percent of taxes on the concealed income and assets.

* Income from any undisclosed foreign asset or undisclosed income from any foreign asset to be taxable at the maximum marginal rate.

* Beneficiary of foreign assets will be mandatorily required to file return, even if there is no taxable income.

* Non-filing of income tax returns or filing of returns with inadequate disclosure of foreign assets liable for prosecution with punishment of rigorous imprisonment up to 7 years.

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