India will join the league of countries like Singapore, UK and the US with its proposed law to check black money, under which those hiding income and evading tax in relation to foreign assets can be slapped with a prison term of up to ten years.
The Special Investigation Team (SIT) on black money has welcomed the announcements made in the Budget to tackle menace of illegal funds and similar assets stashed abroad even as it cautioned that good results in this direction would come only after new laws and measures are implemented in a proper manner.
Finance Minister Arun Jaitley on Saturday proposed no changes in personal income-tax rates for 2015-16.Jaitley also announced a 5 percent reduction in corporate tax over next four years, abolished wealth tax and replaced it with an additional 2 percent surcharge on super-rich individuals, while i
Prime Minister Narendra Modi Friday said his government, which followed the religion of "India first", was working keeping in mind the thought of "development of all" with particular emphasis on the northeastern part of the country.
The SIT probing black money will widen the scope of its investigation to include the new names that figure in the list of account holders in HSBC's Swiss arm released by an international body of journalists, its chairman M B Shah said on Monday.