Anti-black money bill tabled in Lok Sabha

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New Delhi, Mar 20: 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.

black money

It provides for a maximum of 10 years' rigorous imprisonment for evading tax on foreign assets.

IANS

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