Download The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015

 

Dear Subscriber,

Download The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015

The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the new Bill in the current Session of the Parliament. In order to fulfil the commitment made by the Government to the people of India through the Parliament, the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 has been introduced in the Parliament on 20.03.2015. The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets. Such income will henceforth not be taxed under the Income-tax Act but under the stringent provisions of the proposed new legislation.

The text of the Bill is available for download.

Regards,

 

Editor,

 

itatonline.org

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