Disclosing this while presenting the Union Budget, Finance Minister Arun Jaitley also said a host of other tough measures including dis-incentivising of cash dealings in real estate and other transactions will be put in place.
Besides framing new legislations, the government will also take steps to incentivise use of credit and debit cards and putting a cap on cash transactions. Quoting PAN will be mandatory for all sale and purchase of over Rs 1 lakh, he said.
Presenting his first full-year budget, Jaitley said the first and foremost pillar of his tax proposals is to enacting a new law to effectively deal with the problem of black money which eats into the vitals of our economy and society. “To this end, I propose to introduce a Bill in the current Session of Parliament,” he said.
Under the proposed law, concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with rigorous imprisonment of up to 10 years. Further, the offence will be made non-compoundable and the offenders will not be permitted to approach the Settlement Commission.
As regards curbing domestic black money, a new and more comprehensive Benami Transactions (Prohibition) Bill will be introduced in the current session.
Besides framing new legislations, the government will also take steps to incentivise use of credit and debit cards and putting a cap on cash transactions. Quoting PAN will be mandatory for all sale and purchase of over Rs 1 lakh, he said.
Presenting his first full-year budget, Jaitley said the first and foremost pillar of his tax proposals is to enacting a new law to effectively deal with the problem of black money which eats into the vitals of our economy and society. “To this end, I propose to introduce a Bill in the current Session of Parliament,” he said.
Under the proposed law, concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with rigorous imprisonment of up to 10 years. Further, the offence will be made non-compoundable and the offenders will not be permitted to approach the Settlement Commission.
As regards curbing domestic black money, a new and more comprehensive Benami Transactions (Prohibition) Bill will be introduced in the current session.