The Black Money Act (BMA), introduced in 2015 against Black Money in India, has been counted among the strictest laws for a long time. Hiding or not declaring foreign assets can lead to 30% tax and 90% penalty i.e. a total liability of up to 120% under this law. Not only this, non-disclosure of foreign property purchased with tax-paid money can also result in a case being registered under the BMA – which makes it more stringent than the Income Tax Act. Now the government is preparing to revise some provisions of this law. For this, a special internal committee is being formed which will review the provisions of BMA and Income Tax Act and make them more relevant and balanced. So far, ₹ 338 crore has been recovered under BMA, while according to reports, deposits of Indians in Swiss banks will reach ₹ 37,600 crore by 2024. It’s over.
Changes in Black Money Act decided? Know what will be the effect! Money Live | Changes to the Black Money Act are certain? Find out what the impact will be!
