“Tax offenders cannot approach settlement panel”

Revenue Secretary Shaktikanta Das told The Hindu that the penalty during the compliance window could be lower than 300 per cent — the rate Finance Minister Arun Jaitley had said in his budget

speech would apply to the concealment of income and assets overseas under the new law.

The offence will be made non-compoundable and offenders will not be permitted to approach the Settlement Commission. Undisclosed incomes or returns from foreign assets will be taxable at the maximum marginal rate and exemptions or deductions which may otherwise be applicable in such cases, shall not be allowed.

The offence of concealment of income or evasion of tax in relation to a foreign asset will be made a predicate offence under the Prevention of Money Laundering Act, 2002 (PMLA).

This provision would enable the enforcement agencies to attach and confiscate unaccounted assets held abroad and launch prosecution against persons indulging in laundering of black money.