TMI BlogSTATEMENT OF OBJECTS AND REASONSX X X X Extracts X X X X X X X X Extracts X X X X ..... ng tax could also be used in ways which could threaten the national security. 2. The Central Government is strongly committed to the task of tracking down and bringing back undisclosed foreign assets and income which legitimately belong to the nation. Recognising the limitations of the existing legislation, it is proposed to introduce a new legislation to deal with undisclosed assets and income stashed away abroad. 3. The Supreme Court of India has also expressed concern over this issue. The Special Investigation Team constituted by the Central Government to implement the decision of the Supreme Court, has also expressed the views that measures may be taken to curb the menace of black money. Internationally, a new regime for automatic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ign asset in the return or furnishing of inaccurate particulars of such asset shall attract a penalty of ₹ 10 lakh. (ii) The Bill provides for criminal liability with enhanced punishment. Wilful attempt to evade tax in relation to a foreign income will be punished with rigorous imprisonment from three years to ten years and with fine. Failure to furnish a return of income though holding a foreign asset, failure to disclose the foreign asset or furnishing of inaccurate particulars of the foreign asset will be punishable with rigorous imprisonment for a term of six months to seven years. The provisions will also apply to banks and financial institutions aiding in concealment of foreign income or assets of resident Indians or falsific ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 02 to include offence of tax evasion under the proposed legislation as a scheduled offence under PMLA. 6. The enactment of the proposed new Bill will enable the Central Government to tax undisclosed foreign income and assets acquired from such undisclosed foreign income, and punish the persons indulging in illegitimate means of generating money causing loss to the revenue. It will also prevent such illegitimate income and assets kept outside the country from being utilised in ways which are detrimental to India s social, economic and strategic interests and its national security. 7. The Notes on clauses explain, in detail, the provisions of the Undisclosed Income and Assets (Imposition of Tax) Act, 2015. 8. The Bill seeks to achiev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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