Consider the following statements regarding Undisclosed Foreign Income and Assets Imposition of Tax ...........

Economic Affairs Black Money

Consider the following statements regarding Undisclosed Foreign Income and Assets( Imposition of Tax) Bill, 2015:

1. The Bill will apply to Indian residents and seeks to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income.

2. The total undisclosed foreign income and asset of an individual would include income, from a source located outside India, which has not been disclosed in the tax returns filed; income, from a source outside India, for which no tax returns have been filed; and value of an undisclosed asset, located outside India.

Choose the correct code

1 only

2 ONLY

both

None

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Explanation:

exp: Undisclosed Foreign Income and Assets( Imposition of Tax) Bill, 2015: The Bill will apply to Indian residents and seeks to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income.The total undisclosed foreign income and asset of an individual would include income, from a source located outside India, which has not been disclosed in the tax returns filed; income, from a source outside India, for which no tax returns have been filed; and value of an undisclosed asset, located outside India.