)
The Undisclosed Foreign Income and Assets Bill, popularly called the black money Bill, has been cleared by the President. It had secured the Lok Sabha’s approval during the Budget session of Parliament.
The Bill will now go to the Rajya Sabha, which doesn’t have the power to reject it, as it was notified as a money Bill. Those with undisclosed income abroad will get a short compliance window to come clean by paying 30 per cent tax and 30 per cent penalty. Though it is yet to be notified, it is understood the window could be for two-three months.
Earlier, the finance minister had said the compliance window couldn’t be termed as an amnesty scheme. “An amnesty scheme has a provision of naming and shaming. There is no such provision here,” he had said.
After the expiry of the compliance window, anyone found to have undeclared wealth abroad will have to pay 30 per cent tax and 90 per cent penalty; he/she will also face criminal prosecution. The Bill provides for rigorous imprisonment of up to 10 years for offenders.
The Bill will now go to the Rajya Sabha, which doesn’t have the power to reject it, as it was notified as a money Bill. Those with undisclosed income abroad will get a short compliance window to come clean by paying 30 per cent tax and 30 per cent penalty. Though it is yet to be notified, it is understood the window could be for two-three months.
Earlier, the finance minister had said the compliance window couldn’t be termed as an amnesty scheme. “An amnesty scheme has a provision of naming and shaming. There is no such provision here,” he had said.
After the expiry of the compliance window, anyone found to have undeclared wealth abroad will have to pay 30 per cent tax and 90 per cent penalty; he/she will also face criminal prosecution. The Bill provides for rigorous imprisonment of up to 10 years for offenders.
