Black Money Bill; Here Are the Salient Features You Need to Know

BENGALURU: Lok Sabha has passed the Undisclosed Foreign Income and Assets Bill with the support from opposition as well. The bill makes way for a stringent law imposing 120 percent tax, jail term for up to 10 years and penalty on undisclosed foreign assets and income to deal with the black money menace. The bill also calls for a criminal prosecution of those who stashed illegal money abroad. All residents in Indian will be compliant to this law.

Black Money Bill is a move that fulfills BJP’s poll promise of unearthing black money. Here are the salient features of the much needed bill mentioned by The Hindu.

# With the coming in of Black Money Bill, tax on all foreign income will have to be paid at the flat rate of 30 per cent without any exemption, deduction, set off or carry forward losses that the Income Tax Act permits.

# Black Money Bill gives a limited compliance window offer. Offenders would have to pay tax at the rate of 30 per cent but concessional penalty would be equal to the tax amount.

# Apart from stashing money abroad, even failure to file returns of foreign income or assets will attract a penalty of 10 lakh.

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