10 Points to Know About Black Money Bill
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10 Points to Know About Black Money Bill On Monday most awaited Undisclosed Foreign Income and Assets Bill which is known as Black Money Bill passed out in Lok Sabha without any opposition from Congress Party. This Bill was delivered by Finance Minister Arun Jaitley .This bill will provide separate taxation for undisclosed Income in relation to foreign Income and Assets. The main reason to pass this bill is to check the black money and impose penalty if there is any black money in Foreign which is not declared by any India to Income tax department. Now the bill is send to President of India for Final approval. 10 Points of Black Money Bill 1.There will be Flat 30 % Tax on any Undisclosed Foreign Asset and Income. In this Tax there would not be any tax exemption, Deduction. 2.There will be Flat 30 % Penalty on any Undisclosed Foreign Asset and Income.
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Transcript of 10 Points to Know About Black Money Bill
10 Points to Know About Black Money Bill
On Monday most awaited Undisclosed Foreign Income and Assets Bill which is known as Black Money Bill passed out in Lok Sabha without any opposition from Congress Party. This Bill was delivered by Finance Minister Arun Jaitley.This bill will provide separate taxation for undisclosed Income in relation to foreign Income and Assets. The main reason to pass this bill is to check the black money and impose penalty if there is any black money in Foreign which is not declared by any India to Income tax department. Now the bill is send to President of India for Final approval.
10 Points of Black Money Bill
1. There will be Flat 30 % Tax on any Undisclosed Foreign Asset and Income. In this Tax there would not be any tax exemption, Deduction.
2. There will be Flat 30 % Penalty on any Undisclosed Foreign Asset and Income.
3. To declare the Undisclosed Foreign Asset and Income a time frame of two month will be given to the person.
4. If the person has declared the Undisclosed Foreign Asset and Income within two month, In that case there will be 30% Tax and 30% Penalty will be charged. It mean that total penalty of 60 % will be charged.
5. To make the payment of Penalty & Tax for Undisclosed Foreign Asset and Income there will be time Frame of Six month will be given.
6. If the Personal fails to Declare Undisclosed Foreign Asset and Income within two month in that case 30 % Tax and 90 % Penalty will be charged. It means in that in that case total penalty of 120 % will be imposed to the person.
7. In case of Undisclosed Foreign Asset and Income there is punishment of 3-10 Years.
8. If the person is found guilty for second time for Undisclosed Foreign Asset and Income in that case rigorous imprisonment of 3-10 years with a fine of upto Rs 1 crore.
9. This Black Money Bill empowers the center to enter into agreements with other countries for exchange of Information’s, make the Government to recover the tax and avoidance of double taxation.
10.There will be right given to appeal by Income tax Appellate Tribunal and Jurisdictional High Courts and Supreme Court.
11.By this Black Money Bill the Income tax Department will have the power to discover, inspect, issue summonses, enforcement of attendance, production of evidence.
12.If the person declares undisclosed Foreign Asset and Income and make the payment of penalty within the time frame than there will not be any criminal prosecution against that person.
13. More Info@http://goo.gl/UJDF7N
