Anti-black money bill: Salient points

Salient points of the anti-black money bill passed by the Rajya Sabha on Wednesday, the last day of parliament’s budget session. The Lok Sabha passed the bill on Monday.

* Maximum of 10 years rigorous imprisonment for offenders who evade taxes on foreign assets.


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* Penalty at the rate of 300 percent of taxes on the concealed income and assets.

* Income from any undisclosed foreign asset or undisclosed income from any foreign asset to be taxable at the maximum marginal rate.

* Beneficiary of foreign assets will be mandatorily required to file return, even if there is no taxable income.

* Non-filing of income tax returns or filing of returns with inadequate disclosure of foreign assets liable for prosecution with punishment of rigorous imprisonment up to seven years.

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