The Union Budget has introduced a new low on Black Money. “The Chartered Accountants can play an effective role in curbing the black money in tandem with the spirit of the Budget.” This is the word of Manoj Fadnis, who is president of the Institute of Chartered Accountants of India (ICAI).
The new law will work for black money that is concealed in abroad. And, this law will provide for 10 years confinement for hiding foreign assets, along with a host of strict measures. The issue of black money is very critical for the society and economy, bridle on the black money is the first priority of the Government.
“Stringent penal and prosecution provisions are in the right direction to deal with black money and its concealment with effectively and forcefully,” the Institute of Chartered Accountants of India (ICAI) President Manoj Fadnis said.
“Chartered Accountants can play an effective role in curbing the black money in tandem with the spirit of the Budget,” Fadnis added.
Apart from this, dishonesty in the filing of return or non-filing of return would be punishable up to seven years. The Finance Minister Arun Jaitley said that the new law with tax proposals will effectively deal great with the problem of Black Money.
Source: http://economictimes.indiatimes.com/industry/services/consultancy-/-audit/budget-2015-chartered-accountants-can-play-key-role-to-check-black-money-menace-manoj-fadnis-president-icai/articleshow/46418796.cms
