The Finance Minister Arun Jaitley had considered the decision of the Government to legalize a new law on black money. This law will specifically deal with black money that is stashed away abroad. The Arun Jaitley has also promised to introduce the new bill in the current session of the Parliament. In order to the undisclosed foreign income and assets bill, the government has introduced a Bill on 20.03.2015 in the session of Parliament. The bill provides for the separate taxation in the respect of foreign income and assets.
The important features of the undisclosed foreign income and assets bill, 2015 are as given below.
Scope– This Act will apply to those persons, who are resident in India. Provisions of the Act will apply to both undisclosed foreign income and assets
Rate of tax: The assets or undisclosed foreign income could be taxed at the rate of 30 percent.
Penalties: The assets that are located out of the country will be equal to the three times amount of tax payable. It imposes penalty of Rs 10 lakhs in return failure in respect of foreign income or assets.
Source: http://www.caclubindia.com/news/highlights-of-foreign-black-money-bill–14780.asp#.VQ_ipixgbDc
