Finance Minister Arun Jaitley's Union Budget 2015-16 has set out the tone for a long term growth strategy, consistent with the ambition of Prime Minister Narendra Modi. While the tax savings in this Budget for the salaried -class did not meet the sky rocketing expectations, the policy initiatives reinforced the emphasis on long term growth. The efforts in it are clearly towards aligning laws and administration to put India at par with developed countries, and hence ' Aam aadmi' will have to resist the desire to gain immediate benefits in anticipation of a better and secure future. However, the success of the proposals will be decided based on how the Modi government delivers in the years to come.
Measures to curb black money
A comprehensive new law on black money will be enacted to specifically deal with black money stashed away abroad. Concealment of income or assets and evasion of tax in relation to foreign assets will be a non-compoundable offense, punishable with penalty of 300 per cent and rigorous imprisonment up to ten years with no recourse to settlement commission. Rigorous imprisonment of up to seven years for non-filing of return or filing of return with inadequate disclosure of foreign assets is a welcome move for bringing black money back to India.
Wealth tax abolished
Measures to curb black money
A comprehensive new law on black money will be enacted to specifically deal with black money stashed away abroad. Concealment of income or assets and evasion of tax in relation to foreign assets will be a non-compoundable offense, punishable with penalty of 300 per cent and rigorous imprisonment up to ten years with no recourse to settlement commission. Rigorous imprisonment of up to seven years for non-filing of return or filing of return with inadequate disclosure of foreign assets is a welcome move for bringing black money back to India.
Wealth tax abolished
