Undisclosed Foreign Income And Assets Bill

The Finance Ministry has extended the deadline for declaring undisclosed foreign income or black money till September 30. However, assets declared within the 'compliance window' will invite a 30 per cent tax and a penalty of the same amount which can be paid by December 31.

A month after Parliament passed the black money bill - which targets those curb the stashing of illegal wealth abroad -- a new law is in the pipeline to control tax evasion, sources said.

The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets.

The Undisclosed Foreign Income and Assets bill, which provides for heavy penalties for those stashing away black money in foreign accounts, was passed in the Lok Sabha today.

The government is set to move the Undisclosed Foreign Income and Assets Bill or the black money bill in Lok Sabha today. The lower house sitting has been extended for three days.

The black money bill is likely to come up for discussion in the Parliament on Tuesday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad.

As it struggles to push its land reforms past an aggressive opposition, the Modi government has firmed up a strategy that will turn the rival parties into bystanders when it brings another key legislation, the Black Money bill, for Parliament's approval.

Black money holders abroad will get a "few months" of compliance window to disclose their assets after a new stringent black money Bill is passed by Parliament in the session beginning tomorrow, Revenue Secretary has said.

The Finance Ministry has extended the deadline for declaring undisclosed foreign income or black money till September 30. However, assets declared within the 'compliance window' will invite a 30 per cent tax and a penalty of the same amount which can be paid by December 31.

A month after Parliament passed the black money bill - which targets those curb the stashing of illegal wealth abroad -- a new law is in the pipeline to control tax evasion, sources said.

The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets.

The Undisclosed Foreign Income and Assets bill, which provides for heavy penalties for those stashing away black money in foreign accounts, was passed in the Lok Sabha today.

The government is set to move the Undisclosed Foreign Income and Assets Bill or the black money bill in Lok Sabha today. The lower house sitting has been extended for three days.

The black money bill is likely to come up for discussion in the Parliament on Tuesday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad.

As it struggles to push its land reforms past an aggressive opposition, the Modi government has firmed up a strategy that will turn the rival parties into bystanders when it brings another key legislation, the Black Money bill, for Parliament's approval.

Black money holders abroad will get a "few months" of compliance window to disclose their assets after a new stringent black money Bill is passed by Parliament in the session beginning tomorrow, Revenue Secretary has said.