New Delhi: A bill on unearthing black money and punishing those with ill-gotten wealth was tabled in the Lok Sabha on Friday, the last day before parliament goes into its scheduled month-long recess.
The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, proposes a short window to overseas income tax assessees to declare their assets, pay tax and a penalty and thus avoid imprisonment.
It provides for a maximum of 10 years' rigorous imprisonment for evading tax on foreign assets.