Odisha Channel Bureau New Delhi, Feb 289: Union Finance Minister Arun Jaitley signaled the government’s intent to curb generation of black money in real estate in the Budget 2015-16.Presenting the Budget in the Lok Sabha today, Jaitley proposed amendments in the Income Tax Act prohibiting acceptance or repayment of advance in cash of Rs.20,000 or more for any transaction in immovable property.Penalties of equal amount will be imposed in case of contraventions.In order to curb trade based money laundering, making false declarations/ documents in the transaction of any business relating to Customs (section 132, Customs Act) will be brought under the Prevention of Money Laundering Act as a “predicate offence”.A Bill for a comprehensive new law to deal with black money parked abroad is likely to be introduced in the current session.Key features of the new law on black money are – • Evasion of tax in relation to foreign assets to have a punishment of rigorous imprisonment upto 10 years, be non compoundable, have a penalty of 300 % and the offender will not be permitted to approach the Settlement Commission.• Non filing of return/filing of return with inadequate disclosures to have a punishment of rigorous imprisonment upto 7 years.• Undisclosed income from any foreign assets to be taxable at the maximum marginal rate.• Mandatory filing of return in respect of foreign asset.• Entities, banks, financial institutions including individuals all liable for prosecution and penalty.• Concealment of income/evasion of income in relation to a foreign asset to be made a ‘predicate’ offence under PML Act, 2002• PML Act, 2002 and FEMA to be amended to enable administration of new Act on black money.Also, the Government proposes Benami Transactions (Prohibition) Bill to curb domestic black money to be introduced in the current session of Parliament.
February 28, 2015
February 28, 2015
0 Comment
Related Articles:
- Legendary singer Lata Mangeshkar passes away
February 6, 2022, 12:32 pm
- Telugu short film ‘Street Student’ wins first prize in NHRC competition
January 28, 2022, 12:10 pm
- Milind Soman completes ‘Green Ride’ to raise awareness against air pollution
December 14, 2021, 11:39 am
- Agitation of farmers is not just for the repeal of the three black laws: SKM
November 19, 2021, 8:23 am
- Study on enhancing disaster resilience in India’s urban slums released
August 27, 2021, 3:45 pm
- SEC-Jagan Govt. on collision course over panchayat polls
January 9, 2021, 2:06 pm
- Jagan on damage control mode, lays stone for reconstruction of nine temples
January 8, 2021, 2:52 pm
- Jagan breaks silence on attacks on temples, blames Telugu Desam
January 4, 2021, 2:32 pm
- 40th Indian scientific expedition to Antarctica launched
January 4, 2021, 11:27 am
- AP Govt credits Rs. 1,766 crore into accounts of farmers
December 29, 2020, 12:36 pm
Breaking News:
- “She Was Escorted Out Within Three Hours”: People Are Sharing The Time They Witnessed A New Coworker Get Fired Extremely Fast
September 22, 2023, 3:16 am - Florida woman allegedly attacked 2 people at pool for doing 'inappropriate' stretches
September 22, 2023, 1:47 am - South Korea asks US to resolve chip trade issues
September 22, 2023, 1:34 am - Las Vegas teen expected ‘slap on the wrist’ for hitting, killing cyclist: ‘I’ll be out in 30 days, I’ll bet you’
September 22, 2023, 1:16 am - 'I ejected': Pilot of crashed F-35 jet in South Carolina pleads for help in phone call
September 22, 2023, 1:15 am - "Not even in the ballpark": Judge dismisses three "obviously unqualified" Kari Lake witnesses
September 21, 2023, 9:01 pm - What striking workers get wrong about automaker profits
September 21, 2023, 8:51 pm - ‘It Was Grievous’: Southern Baptist Convention Expels Oklahoma Church After Images of Pastor In Blackface Surface Online; Faith Leader Claims He’s ‘Not Racist All’
September 21, 2023, 8:43 pm - Palestinian leader tells UN there can be no Mideast peace without his people enjoying full rights
September 21, 2023, 8:21 pm - Michael Bloomberg sinks half a billion dollars to shut down this controversial industry
September 21, 2023, 8:19 pm