Placeholder canvas

"Black money Bill to be taken up in Parliament next week"

Date:

New Delhi: Finance minister Arun Jaitley on Friday said the government will next week take up for consideration the new black money bill in the Lok Sabha to effectively deal with the menace of unaccounted wealth stashed abroad.

“Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad,” Jaitley said at the ‘Enforcement Day’ function organized by the Directorate of Enforcement.

The government in March introduced ‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015’ which provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty.

Jaitley said the government has been taken steps to unearth black money stashed abroad.

“There are large number of cases…prosecutions against those offenders have been filed in last few months. The assessments of hundreds of those cases have been completed. 121 prosecutions have been filed by tax Department against them,” Jaitley said.

With the international community including G-20 leaders taking various initiatives, it would become difficult for people to hide wealth within couple of years.
 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Gangster-Turned-Politician Mukhtar Ansari Dies Of Cardiac Arrest

Banda: Gangster turned politician Mukhtar Ansari passed away at...

IPL 2024: Rajasthan Royals Defeat Delhi Capitals By 12 Runs

Jaipur: Rajasthan Royals clinched a 12-run win over Delhi...

FTX Founder Sam Bankman-Fried Sentenced To 25 Years In Prison For Fraud

New Delhi: Sam Bankman-Fried, the renowned founder of cryptocurrency...