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After SC verdict on Benami law, experts weigh in on the Black Money law

The Black Money law penalises the concealment of foreign income and imposes criminal liability for attempting to do so

Illustration: Binay Sinha
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Illustration: Binay Sinha

BS Web Team New Delhi
After the Supreme Court of India's (SC) ruling quashing the retrospectivity of the Benami Law, experts are now interested in knowing if it will hold true in the case of the Black Money Act or not. The act penalises the concealment of foreign income and imposes criminal liability for attempting to do so. 

The law, passed in 2015, mandated a 30 per cent tax on undisclosed foreign assets or income for the previous assessment year. No deductions or exemptions were allowed in the law. It came into effect on April 1, 2016. 

The law also provided a one-time

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First Published: Aug 25 2022 | 11:33 AM IST

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