Black money bill empowered to tax foreign income, gives one time 'compliance' window

Mar 20,2015

Govt. introduces UNDISCLOSED FOREIGN INCOME AND ASSETS (IMPOSITION OF TAX) BILL, 2015 in Parliament; Bill proposes separate taxation of undisclosed foreign income/assets under "stringent" provisions of new law; Such income not to be taxed under Income tax Act, 1961; Bill seeks to cover all persons resident in India, proposes flat 30% tax on undisclosed foreign income, penalty at three times the amount of tax payable; No deduction/exemption/set off of carry forward loss to be allowed; Willful ...

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