With a view to tighten the noose on ‘Black Money’, the Government brought in the bill -- The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, which seeks to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income.
The bill provides for 90 per cent penalty of the undisclosed foreign income or asset. The bill provides for criminal liability with punishment of rigorous imprisonment upto ten years for wilful attempt to evade tax on foreign income.
Watch this edition of Special Report to know more about this bill.
Anchor: Raj Kamal Rao
Special Report – The Black Money Trail
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