Black Money
Salient features
1. Focus on undisclosed income and assests outside india.
2. Information received from countries like France, Germany,etc.
3. Swiss Bank disclosures on bank accounts owned by indians and media reports.
4. Need for stringent laws to curb tax evasion etc.
The Black Money (Undisclosed foriegn Income and assests) and imposition of Tax, 2015 is applicable from FY 2015-16 i.e. from AY 2016-17. the Act, introduced with the object of tackling the menace of undisclosed overseas income/assests, applies to persons who are residents of india (other than not ordinarily residents). it contains stringent provision in the form of levy of 30% tax and thrice the penalty, along with intiation of prosecution proceedings which can lead to punishment for a time frame ranging from 3-10 years.
Scope of the Act
1.Black Money Act applies to all persons who are residents and ordinarily residents in india
2."Undisclosed asset located outside India" means an asset located outside india.
