Provisions of Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015
Q. Consider the following statements related to Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015
1. It will replace the Income Tax (IT) Act, 1961 for the taxation of foreign income.
2. A flat rate of 30 percent tax will be applied to undisclosed foreign income or assets
3. For nondisclosure of foreign income or assets outside India, penalty will be equal to three times the amount of tax payable which is 90 percent of the undisclosed income in addition to tax payable at 30%.
Which of the above statements are correct? - Published on 05 May 15a. 2,3
b. 1,2
c. 1,3
d. All
ANSWER: All
