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 ...


This story is available exclusively to subscribers of taxsutra.com

Already a Subscriber? Log in for complete access.

Log In

For Subscription, please get in touch with Vidyadhar Mhatre at +91 93200 54016 or write to us at sales@taxsutra.com

Top