10 Key Features To Know About Black Money Bill

Government is taking various measures in curbing black money. Here are few key features which were announced in Union Budget 2015, presented by Arun Jaitley.

1. Evasion of tax in relation to foreign assets to have a punishment of rigorous imprisonment upto 10 years, be non-compoundable, have a penalty rate of 300% and the offender will not be permitted to approach the Settlement Commission.
2. Non-filing of return/filing of return with inadequate disclosures to have a punishment of rigorous imprisonment upto 7 years.
3. Undisclosed income from any foreign assets to be taxable at the maximum marginal rate. ♦ Mandatory filing of return in respect of foreign asset.
4. Entities, banks, financial institutions including individuals all liable for prosecution and penalty.
5. Concealment of income/evasion of income in relation to a foreign asset to be made a predicate offence under PML Act, 2002.
6. PML Act, 2002 and FEMA to be amended to enable administration of new Act on black money.
7. Benami Transactions (Prohibition) Bill to curb domestic black money to be introduced in the current session of Parliament.
8. Acceptance or re-payment of an advance of 20,000 or more in cash for purchase of immovable property to be prohibited.
9. PAN being made mandatory for any purchase or sale exceeding Rupees 1 lakh. ¾ Third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions.
10. Provision to tackle splitting of reportable transactions. ¾ Leverage of technology by CBDT and CBEC to access information from either's data bases.