`Black Money Bill, 2015: 5 terrifying penalties

The so-called Black Money Bill 2015, that proposes to penalise those stashing illicit wealth abroad by imposing a 10-year rigorous imprisonment, was introduced in the Lok Sabha today – FM Arun Jaitley introduced ‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015,’ proposing that it would come into effect from April 1, 2016.

Here are 5 top penalties that the Bill threatens to impose to tackle the black money menace:

1. Penalty for non-disclosure of income or an asset located outside India will be equal to three times the normal tax rate of 30 per cent

2. Failure to furnish return in respect of foreign income or assets shall attract a penalty of Rs 10 lakh

3. Punishment for wilful attempt to evade tax will be rigorous imprisonment from three years to 10 years in addition to fine

4. Failure to furnish a return in respect of foreign assets and bank accounts or income will be punishable with rigorous imprisonment for a term of six months to seven years

5. Abetment or inducement to make a false return or a false account or statement or declaration will be punishable with rigorous imprisonment from 6 months to 7 years. (Financial Express)