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

# The new law also enhances the punishment through 3-10 years for willful evasion of tax on foreign income along with a penalty equal to three times the amount of tax evaded or 90 per cent of the undisclosed income or the value of the asset.

# Second and subsequent offence will be punishable with rigorous imprisonment of 3-10 years with a fine of up to 1 crore.

# Those with undisclosed holdings of less than 5 lakh at any time during a year not reported out of oversight or ignorance will not entail penalty or prosecution.

# The bill empowers the the tax authorities, who will now on have powers of discovery and inspection, issue of summonses, enforcement of attendance, production of evidence and impounding of account books and documents.

# The Bill also empowers the Centre to enter into agreements with other countries for the exchange of information, recovery of tax and avoidance of double taxation. This would enable the centre to incorporate taxation methods as per the changing times while they consult the other nations.

# The Bill proposes to amend the Prevention of Money Laundering Act, 2002 to include tax evasion under the proposed legislation as a scheduled offence.

# The right to appeal will be to the Income Tax Appellate Tribunal and to jurisdictional High Courts and the Supreme Court on substantial questions of law.

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