Black Money Act and Declaration of Foreign Accounts
The Black Money (Undisclosed Foreign Income and Assets) Act aims to curb black money, or unreported assets, and imposes tax and penalty on such income. For FY14-15, the central board of direct taxes (CBDT) has directed all resident Indians to disclose their foreign accounts in their returns. The idea is to find unaccounted wealth of resident Indians stashed in a foreign country. Amounts in...
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