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Cabinet approves bill on tracing black money
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SME Times News Bureau | 18 Mar, 2015
Giving concrete shape to Finance Minister Arun Jaitley's announcement of
a bill to trace black money, the union cabinet on Tuesday approved a
new law to track unaccounted wealth.
Finance ministry sources
told IANS that the union cabinet approved the Foreign Income and
Undisclosed Assets (Imposition of New Tax) Bill, 2015, for tabling in
the Lok Sabha.
"On black money, a new structure including
e-filing and tracking down is our abiding commitment," Jaitley had said
announcing the measures in his first full budget speech on February 28.
He
said a "comprehensive new law to track black money" would be framed and
there will be rigorous imprisonment of 10 years under the black money
law.
The finance minister said a 'benami' (proxy) property
transaction bill will be brought to tackle black money transactions in
real estate.
The new law would entail rigorous imprisonment of up to 10 years and a penalty of 300 percent on its perpetrators.
Those
evading tax by sending money to foreign countries would not be allowed
to approach the Settlement Commission, Jaitley had told parliament
while announcing his 2014-15 annual budget.
He had also said that
not filing income tax returns or filing them with inadequate
disclosures would lead to rigorous imprisonment of up to seven years.
Undisclosed
income from any foreign assets would be taxable at the maximum marginal
rate. It also becomes mandatory to file returns vis-a-vis foreign
assets. If an offence is detected, banks, financial institutions and
individuals will all be liable for prosecution and penalty.
Concealment
of income or evasion of tax in relation to a foreign asset will become
an offence under the Prevention of Money Laundering Act, 2002, the
minister had said.
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