The DTC proposes a reporting requirement which would make it obligatory on the part of resident assessees to furnish the details of their investment and interest in any entity outside India, reports Indian news agency, PTI.
Additionally, an assessee’s interest in a foreign trust or a company is also proposed to be made taxable assets under the new tax regime.
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The Bill proposes to impose a wealth tax of 1% on the net assets exceeding INR10 million.
At present, wealth tax contributes a meager amount to the government kitty. For the current fiscal, only INR6.35 billion is targeted from this source, the PTI report added.
PTI quoted the Finance Ministry as saying that it is one of "specific new measures for unearthing black money”.
The Bill, which was introduced in the Lok Sabha in August 2010, is expected to get Parliament approval in the next fiscal and it proposes to overhaul the over 50-years old Income Tax Act.
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