Union Budget 2012-13 - Measures Proposed to Deter Generation and Use of Black Money

To deter the generation and use of unaccounted money, a series of measures have been proposed by the Union Finance Minister Shri Pranab Mukherjee in the General Budget 2012-13 presented by him in the LokSabha here today. The measures include:

• Introduction of compulsory reporting requirement in case of assets held abroad.
• Allowing for reopening of assessment upto 16 years in relation to assets held abroad.
• Tax collection at source on purchase, in cash, of bullion or jewellery in excess of Rs. 2 lakh.
• Tax deduction at source on transfer of immovable property (other than agricultural land) above a specified threshold.
• Tax collection at source on trading in coal, lignite and iron ore.
• Increasing the onus of proof on closely held companies for funds received from shareholders as well as taxing share premium in excess of fair market value.
• Taxation of unexplained money, credits, investments, expenditures etc., at the highest rate of 30 per cent irrespective of the slab of income.

Source : Equity Bulls

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