Tax Titbits

Abstract

The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 is a horrendous piece of legislation with the intent to bring the black money stacked abroad to the mainstream. But this intent is sought to be achieved by giving a time limit for filing a voluntary declaration till date to be notified under section 59 of the Bill, apparently in the nature of amnesty. But the income that will be liable to tax is timeless, as it can be undisclosed income or assets either under 1961 Act or earlier.