Parliament clears Black Money Bill

"For the first time, unlawful, undisclosed income abroad has been taxed under this law at a tax rate of 30 per cent with an additional 30 percent penalty on it."

Parliament on Wednesday passed a Bill to deal with black money stashed away abroad with the government warning those who have such assets to utilise a “compliance window” or have “sleepless nights.” The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, passed by the Lok Sabha last week, was approved by the Rajya Sabha.

Making it clear that this was not an amnesty scheme being offered by the government, Finance Minister Arun Jaitley, while replying to a discussion, said amnesty schemes in the past had been challenged in court for being discriminatory against those who pay taxes.