GOVT MAY LEVY WEALTH TAX ON DEPOSITS IN FOREIGN BANKSDeposits in banks located outside the country

GOVT MAY LEVY WEALTH TAX ON DEPOSITS IN FOREIGN BANKSDeposits in banks located outside the country may attract wealth tax, as part of government's drive to unearth black money, the Finance Ministry has said. The proposal is part of the Direct Taxes Code (DTC) bill which is being scrutinised by a Parliamentary panel. For the purpose of levy of wealth tax, taxable assets have been defined to include deposits in banks located outside India in case of individual, unreported bank deposits in case of others the ministry said, adding this is one of specific new measures for unearthing black money. The DTC also proposes a reporting requirement . . . making it obligatory on the part of resident assessees to furnish details of their investment and interest in any entity outside India, the document said. - www.economictimes.indiatimes.com