Finance Minister Arun Jaitley today said government will take harsh measures against persons those who have stashed unlawful money abroad. Moving the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 in the Lok Sabha for consideration and passing, Mr Jaitley said the Bill intends to penalise the concealment of foreign income and provides for criminal liability for attempting to evade tax. The minister said a time frame will also be given for compliance to tax evaders.He said once the time frame will be over the penalty amount will also go up. Mr Jaitley said in the case of wilful attempt to evade tax the punishment would be rigorous imprisonment from three to 10 years.Congress leader Deepender Singh Hooda supporting the Bill said this is not going to be effective and lead to hardship for law abiding citizens. Earlier, the Speaker rejected the demands of many members to send the Bill to the Standing Committee for more scrutiny. The Discussion is on.
News On AIR | May 11, 2015 4:53 PM
Strict action against people stashing black money abroad: Jaitley