New Delhi, May 13 (IANS): Salient points of the anti-black money bill passed by the Rajya Sabha on Wednesday, the last day of parliament's budget session. The Lok Sabha passed the bill on Monday.
* Maximum of 10 years rigorous imprisonment for offenders who evade taxes on foreign assets.
* Penalty at the rate of 300 percent of taxes on the concealed income and assets.
* Income from any undisclosed foreign asset or undisclosed income from any foreign asset to be taxable at the maximum marginal rate.
* Beneficiary of foreign assets will be mandatorily required to file return, even if there is no taxable income.
* Non-filing of income tax returns or filing of returns with inadequate disclosure of foreign assets liable for prosecution with punishment of rigorous imprisonment up to seven years.