Finance Minister Arun Jaitley on Saturday proposed to enact a comprehensive new law on black money to bring back money stashed abroad.
Jaitley added that concealment of income and evasion of tax will be prosecutable with rigorous imprisonment of up to 10 years and non-compoundable offence.
“Non-filing of return will be liable for prosecution and imprisonment up to 10 years,” Jaitley said, adding, “There will be a new structure including e-filing.”
“Tracking down is our abiding commitment. This will enable seamless integration of data and effective enforcement,” he added.
He also said that beneficiary of foreign assets will be mandatory to file return even if no income.
Jaitley presented the first full year Budget of the NDA government.

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