Thursday, 19 March 2015

Black money bill likely to be tabled in Lok Sabha

To check the black money menace, a bill is likely to be tabled in Lok Sabha tomorrow with stringent provisions to prosecute those stashing illicit wealth abroad, with rigorous imprisonment of up to 10 years.
The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, also provides for a short window for those holding overseas assets to declare their wealth, pay taxes and penalties to escape punitive action.