New Delhi: Finance Minister Arun Jaitley introduced in the Lok Sabha an 88-clause Bill that seeks to unearth blackmoney and assets stashed abroad, an issue the BJP and Prime Minister Narendra Modi had campaigned against in the Lok Sabha elections.
Proposed to come into effect from April 1, 2016, ‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015’ provides for taxation at the flat rate of 30 percent without any exemption, deduction, set off or carry forward losses permissible under the Income Tax Act.
It provides for a separate taxation of undisclosed income abroad which will be no longer be taxed under the Income Tax Act. In the statement of objects and reasons appended to the Bill, Jaitley says a limited window is provided to offenders to file a declaration before a specified tax authority within a period, followed by payment of tax at 30 percent and an equal amount of penalty.