Which of the following is correct according to the Undisclosed Foreign Income and Assets Bill, 2015? The Bill will apply to Indian residents It seeks to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income. The penalty to NRIs for nondisclosure of foreign income or assets would be equal to four times the amount of tax payable, in addition to tax payable at 30%. Codes Options: A . &nbsp2 and 3 B . &nbsp1 and 2 C . &nbsp1 and 3 D . &nbspAll

Which of the following is correct according to the Undisclosed Foreign Income an

Discussion Forum : Socio Economic Panorama & Issues (international)

Question - Which of the following is correct according to the Undisclosed Foreign Income and Assets Bill, 2015?

The Bill will apply to Indian residents
It seeks to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income.
The penalty to NRIs for nondisclosure of foreign income or assets would be equal to four times the amount of tax payable, in addition to tax payable at 30%.

Codes

Options:

A . 2 and 3

B . 1 and 2

C . 1 and 3

D . All

Answer: Option B
Answer: (b)The Bill will apply to Indian residents for paying penalty for nondisclosure of foreign income or assets would be equal to four times the amount of tax payable, in addition to tax payable at 30%.

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Discussion Forum : Socio Economic Panorama & Issues (international)

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