Rs 2 lakh penalty from next financial year for not answering tax authorities queries

News

• Failure to answer questions from the tax department can entail a penalty of up to Rs two lakh from the next financial year under the new black money law, which has got the assent of the President.
• The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000.
• Besides, tax authorities would be able to send summons or notices via electronic mails (emails) and fax to seek information from those under probe for suspected black money stashed abroad.