New DELHI(WEB TEAM): Lok Sabha on Monday passed a bill to deal with black money…
New Delhi, March 21 (IANS)- The amnesty provisions in the proposed legislation to bring back ill-gotten money stashed away by Indians abroad will allow a perpetrator to retain only 40 percent of the overseas asset if declared within the stipulated time.
In the chapter on tax compliance for undisclosed foreign assets and assets, Section 60 provides for a tax to be charged at 30 percent of the undisclosed asset outside India that has been since declared under the act.
Section 61 additionally provides for a penalty at the rate of 100 percent of such tax, taking the effective rate of tax, plus penalty, to 60 percent of the declared asset, leaving room for people to retain only some of such money.
The are also other provisions in the so-called amnesty scheme of what is officially called the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 that was tabled by the government in the Lok Sabha on March 20, hours before the recess of Budget session: