https://www.taxtmi.com/news?id=14094 The Budget 2015-16 prohibits acceptance or repayment of cash advances for immovable property transactions at or above the statutory threshold and imposes an equal monetary penalty for contraventions. It proposes treating false customs declarations as a predicate offence under the Prevention of Money Laundering Act and announces a comprehensive new law on black money abroad featuring non-compoundable penal sanctions, mandatory foreign asset return filing, taxation of undisclosed foreign income at the maximum marginal rate, and amendments to PMLA and foreign exchange law to enable enforcement. en-us Sat, 28 Feb 2015 14:07:57 +0530 Sat, 28 Feb 2015 14:07:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14094 The Budget 2015-16 prohibits acceptance or repayment of cash advances for immovable property transactions at or above the statutory threshold and imposes an equal monetary penalty for contraventions. It proposes treating false customs declarations as a predicate offence under the Prevention of Money Laundering Act and announces a comprehensive new law on black money abroad featuring non-compoundable penal sanctions, mandatory foreign asset return filing, taxation of undisclosed foreign income at the maximum marginal rate, and amendments to PMLA and foreign exchange law to enable enforcement. News - Sat, 28 Feb 2015 14:07:57 +0530 https://www.taxtmi.com/news?id=14094