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The government has unveiled a set of stringent provisions, including a 90% penalty on those who have undisclosed foreign assets and income overseas as it introduced a Bill to deal with black money stashed abroad. This will be above the 30% levy on the value of assets or income that will be imposed.vBut those who want to avoid the hefty penalty will be given the option to pay 30% penalty of the value of undisclosed assets and avoid prosecution, the Undisclosed Foreign Income and Assets Bill introduced in the Lok Sabha proposed. Although the government wants the law to be active from April 2016, it has not specified how long the one-time compliance window would be open.
The Bill has also detailed safeguards to prevent any misuse of the stiff provisions by tax authorities. Apart from penalty, the bill provides imprisonment of up to 10 years for concealment, non-disclosure, false declaration as well as abetment. The provision for abetment can put financial advisors and chartered accountants in the crosshairs of the law should they be deemed guilty of cooking the books. The Bill has proposed imprisonment of six months to seven years for failure to provide details of foreign assets and income, or interest in an overseas entity, in tax returns as well as for making false statement. A similar term is proposed for those abetting making of false statement, a move that will impose a burden on chartered accountants and financial advisors who are often involved with overseas transactions. Second or subsequent offences would entail imprisonment of three to 10 years and fine of Rs 25 lakh to Rs 1 crore
For companies, the Bill has proposed prosecution and penalty for directors, managers, officers or secretaries in-charge of the company or involved with the decision. Failure to disclose details in tax returns will also result in a penalty of Rs 10 lakh.
The government has, however, suggested that those with minor balances in foreign accounts, which may have been missed due to oversight, be exempted from the penalty or prosecution provisions. As a result, it has fixed Rs 5 lakh as the threshold.
By: Vishal ProfileResourcesReport error
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