A bill on unearthing black money and punishing those with ill-gotten wealth was tabled in the Lok Sabha on Friday, the last day before parliament goes into its scheduled month-long recess.
The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, proposes a short window to overseas income tax assessees to declare their assets, pay tax and a penalty and thus avoid imprisonment.
It provides for a maximum of 10 years' rigorous imprisonment for evading tax on foreign assets.
There will also be a penalty at the rate of 300 percent of taxes on the concealed income and assets.
The new legislation will provide that income in relation to any undisclosed foreign asset or undisclosed income from any foreign asset will be taxable at the maximum marginal rate.