The government proposes to put up a bill on unaccounted wealth that will give an opportunity for black-money offenders to disclose overseas assets, if they pay taxes along with a 300-per cent penalty on the undisclosed income, according to Central Board of Direct Taxes chairperson Anita Kapur.
This move is sure to be criticised as a throwback to the various 'amnesty' schemes by previous governments, which the ruling NDA had always made it a policy to oppose.
Kapur told reporters in New Delhi that the new law will introduce a ''rebuttable presumption'' that the undisclosed foreign asset constitute concealed income.
Assessees will be allowed an opportunity to present their views on why the asset was not disclosed.
''The very fact that one has not disclosed one's foreign asset will make one liable for prosecution. If we detect an unreported overseas asset, we would quantify the income that escaped assessment and will bring it to tax at the maximum marginal rate [of 30 per cent],'' Kapur said.
The new law will mandate reporting of movable and immovable assets abroad.