CURRENT AFFAIRS

Detailed explanation-1: -(vi) (a) BMA, 2015 is applicable where total of 100% credit entries in all bank accounts outside India are exceeding INR 5 Lac in 1 year or more than 1 year.

Detailed explanation-2: -A link under the heading “File complaint of tax evasion/undisclosed foreign asset/benami property” on the Department’s e-filing website, https://www.incometaxindiaefiling.gov.in/, now allows the general public to submit a Tax Evasion Petition.

Detailed explanation-3: -Besides the tax so leviable, penalty at the rate of 90% (three times the amount of tax computed). There are other penalties also leviable on account of non disclosure of required information etc and there are prosecution provisions also within the Act.