Provisions of Black Money Act of 2015 - Indian polity and Governance
Q. Consider the following statements about the Black Money Act of 2015.
1. Failing to declare foreign assets or income will have to pay a penalty three times the tax amount.
2. The bill empowers center to enter into agreements with other countries.
Which of the above statements is/are correct?- Published on 11 Jul 15a. Only 1
b. Only 2
c. Both
d. None
ANSWER: Both
The Black Money Act of 2015 makes failing to declare foreign assets or income a costly proposition: apart from the flat 30 percent tax levied on foreign income, individuals who fail to declare it will have to pay a penalty three times the tax amount (which will work out to 90 percent of the value of the income). They could also face a possible jail term.
