https://www.taxtmi.com/news?id=14214 The Bill creates a separate tax regime for residents' undisclosed foreign income and assets, charging them at thirty per cent with no deductions or set offs; fair market value rules determine asset value and assets are taxed when noticed by the Assessing Officer. It prescribes severe civil penalties (including a sum equal to three times the tax computed) and criminal sanctions for willful nondisclosure or evasion, empowers tax authorities with discovery and recovery powers, provides a limited one time declaration window with tax plus equal penalty and embeds procedural safeguards and appeal routes. en-us Fri, 20 Mar 2015 16:00:48 +0530 Wed, 01 Apr 2015 14:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14214 The Bill creates a separate tax regime for residents' undisclosed foreign income and assets, charging them at thirty per cent with no deductions or set offs; fair market value rules determine asset value and assets are taxed when noticed by the Assessing Officer. It prescribes severe civil penalties (including a sum equal to three times the tax computed) and criminal sanctions for willful nondisclosure or evasion, empowers tax authorities with discovery and recovery powers, provides a limited one time declaration window with tax plus equal penalty and embeds procedural safeguards and appeal routes. News - Fri, 20 Mar 2015 16:00:48 +0530 https://www.taxtmi.com/news?id=14214