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By Harshmeet Singh
Moving forward on its long standing commitment of bringing back the illicit Indian money concealed abroad, the Modi Government, on Friday, finally tabled a bill in the Lok Sabha which would cover such offences. Called the ‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015’, it would come into effect (if passed by the Parliament) beginning from 1st April, 2016.
The official statement before the introduction of the Bill said “In order to fulfil the commitment made by the Government to the people of India through the Parliament, the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 has been introduced in the Parliament on 20.03.2015. The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets. Such income will henceforth not be taxed under the Income-tax Act but under the stringent provisions of the proposed new legislation,”
Major provisions of the Bill
The Bill includes the following penalties to be levied upon Black money holders –
Any non-disclosed income or asset outside India would attract a penalty tax, which would be thrice the normal tax slab of 30%, making it 90%. Significantly, this penalty would be over and above the normal tax payable at 30%.
- If the individual doesn’t furnish returns on his / her foreign income or asset (even if there is no taxable income), it would result in a penalty of Rs 10 lakh. However, undisclosed foreign accounts worth less than Rs 5 lakh won’t attract any penalty.
- Apart from the hefty fines, the wilful offenders of tax evasion would also be slapped with a rigorous imprisonment for a period of 3 to 10 years.
- If the person fails to furnish returns on the foreign assets and income held by him / her (even if there is no taxable income), it would attract a rigorous imprisonment for a period ranging from 6 months to 7 years.
- Aiding or enticing in filing a false return or incorrect declaration would also result into a rigorous imprisonment for a period ranging from 6 months to 7 years. This clause is also applicable to the financial intermediaries and Banks who assist in such secrecy. The beneficial owners of the asset would also come under the purview of this provision.
Safeguards in the Bill
Following the principles of natural justice, as mentioned in our constitution, the proposed bill contains multiple provisions for ensuring that the accused gets enough chances to prove his / her innocence. The bill calls for obligatory issue of notices to the accused, a fair chance of being heard, providing orders in writing, acceptance of the evidence brought forth by him to prove his stand and much more. Furthermore, the accused would also have the right to appeal to the ‘Income tax appellate tribunal’, the concerned High Court and the Supreme Court, if needed.
To encourage voluntary disclosure, the bill also provides for a one time reprieve to all those who would be willing to voluntarily disclose their illicit money or assets stashed abroad. This provision is applicable only for a limited period wherein the person must disclose his / her foreign asset and file a declaration to the concerned tax authority by paying the legitimate tax and the penalty. Notably, this isn’t a pardoning clause since the person would still be slapped with the penalty in proportion to the undisclosed assets. However, the persons making voluntary disclosures won’t be prosecuted under the harsh provisions introduced in the Bill.
The bill also seeks to amend the Prevention of Money Laundering Act (PMLA) and bring ‘concealment of income and evasion of tax in relation to a foreign asset’ under its purview as a ‘predicate offence’. This move would empower the enforcement agencies to impound the foreign assets in question and begin its proceedings. The date of opening of the foreign account has also been made a mandatory disclosure under the proposed bill.
Heinz has just rolled out a new product that the condiment company says is the "biggest innovation in sauce since the packet itself." Earlier this month, the world's largest producer of ketchup announced the Packet Roller, a ketchup bottle-shaped gadget that allows users to squeeze the most out of a condiment packet, CNN reported.
"Do not click 'purchase' unless you are prepared to change everything about the way you sauce," the Heinz Packet Roller website says. The roller goes for $5.70. The roller is pocket-sized, can be added to a keychain, and features a packet corner cutter.
Heinz has just rolled out a new product that the condiment company says is the "biggest innovation in sauce since the packet itself | Flickr
This announcement could be part of the fast-tracked, "future-focused culinary and packaging innovations" that Steve Cornell, president of Kraft Heinz's US grocery business unit, hinted at earlier this year amid a shortage of ketchup. A surge in takeout and delivery food orders during the pandemic led to a scarcity of ketchup packets, the report said.
In April, Heinz pledged to increase production of ketchup by 25 per cent to 12 billion packets annually. "Gone are the days of fumbling with ketchup packets, pants ruined by mustard disasters, and minutes taken off your life trying to get to the bottom of that mayo packet. With the patent-pending Heinz Packet Roller, what was once taxing becomes simple -- just snip and roll to squeeze out every drop of your sauce of choice," the website says
Keywords: Heinz, Packet roller, sauce, company, ketchup
Swiss tennis ace Roger Federer, who is recovering from a right-knee surgery he underwent last month, said on Sunday that it was a difficult process to decide whether to undergo a third right-knee surgery after having two last year. But following Wimbledon, where he was "really unhappy" with his performance in reaching the quarterfinals, Federer opted to go through with it.
Federer, who made a late decision to attend this year's Laver Cup in Boston -- a tournament held between teams from Europe and the rest of the world -- said on the sidelines of the event that the recovery and rehabilitation are "going to take me a few more months and then we'll see how things are at some point next year". "The reception I've received, everybody is so upbeat that I'm here. They wish me all the best and they don't even see the crutches. They just want me to be good again and enjoy the weekend," Federer said in an interview for the event with former world No. 1 Jim Courier.
"I've seen some incredible tennis, some great matches and it's been wonderful. I'm really happy I made the trip," the winner of 20 majors was quoted as saying by atptour.com. On why he opted for a third surgery, the tennis ace said, "I was just nowhere near where I wanted to be to play at the top, top level. But I tried my best and at the end... too much is too much. Now I've just got to take it step by step," Federer said.
Federer received thunderous ovations inside Boston's TD Garden, where he has often been sitting in the front row watching the action or behind the scenes visiting with the players. | Wikimedia Commons
"I've got to first walk again properly, run properly and then do the sidesteps and all the agility work and then eventually I've got to be back on the tennis court. But it's going to take me a few more months and then we'll see how things are at some point next year. "I've got to take my time. I don't want to rush into anything at this point. This is also for my life. I want to make sure I can do everything I want to do later on. There's no rush with anything, so I'm actually in a really good place. I think the worst is behind me. I took the time and, I don't know, I'm just really in a good place. I'm really happy."
Federer received thunderous ovations inside Boston's TD Garden, where he has often been sitting in the front row watching the action or behind the scenes visiting with the players. The former world No. 1 has played in the first three editions of the Laver Cup. "I think Boston is a great city. The stadium is wonderful, the crowds have been incredible. Both teams are stacked with absolute quality and top players," Federer said. "That's what the idea was behind it: that everybody could come together, have the most incredible weekend, learn from one another and then hopefully that's going to inspire them, motivate them and get them going for the rest of this year, next year." (IANS/ MBI)
Keywords: Roger Federer, tennish, player, sports, knee, surgery
By Hitesh Rathi
Cleopatra, was regarded as a great beauty, to preserve her skin, she took her daily bath in donkey milk. Besides, Hippocrates, the father of medicine, prescribed donkey milk for various diseases including fever, wounds, etc. To add to these benefits, donkey milk has four times the amount of Vitamin C than cow's milk has. So, it's no secret that donkey milk is a powerhouse of nutrients for both the skin and body.
Used for Anti-Ageing and Healing
The milk contains essential fatty acids that work as powerful anti-ageing and healing properties. These fatty acids blur the wrinkles on the skin and help to regenerate damaged skin. Plus, donkey milk also contains anti-bacterial properties which are effective in healing skin irritation and redness.
The milk contains essential fatty acids that work as powerful anti-ageing and healing properties.| Flickr
Antioxidant and Nutrient-Rich
Known as a "natural elixir of youth", donkey milk is packed with antioxidants and nutrients. It contains vitamin E, amino acids, vitamins A, B1, B6, C, E, Omega 3, and 6. These properties together make it a rich ingredient when it comes to skin treatment. Moreover, vitamin D is another important ingredient for human skin, and the primary source to get it is through UV exposure. At the same time, too much of that leaves an adverse effect on the skin. Here is when donkey milk acts as a great substitute as it naturally contains vitamin D. All in all, if this milk is applied frequently, it brings a glowing effect while making the skin look brighter.
Known as a "natural elixir of youth", donkey milk is packed with antioxidants and nutrients.| Photo by Jernej Graj on Unsplash
Moisturizer and Softener
By now it's a well-known fact that this milk works as a powerful moisturizer for the skin. Besides, if donkey milk is used consistently, it acts as a great cleanser as well as helps in keeping the skin healthy, hydrated, and soft.
If donkey milk is used consistently, it acts as a great cleanser as well as helps in keeping the skin healthy, hydrated, and soft. | Photo by febri sym on Unsplash
Therefore, donkey milk with its healing, nutritional and rejuvenating properties for the skin is rapidly emerging as a key ingredient for skincare. These are also driving several leading players to roll out personal care products such as soap, cream, etc. manufactured using donkey milk. Moreover, the global donkey milk market is expanding rapidly with the market value projected to reach $68,139.0 thousand by 2027, registering a CAGR of 9.4 per cent from 2021 to 2027. And the growing use of donkey milk as an ingredient in cosmetic and personal care products will significantly contribute toward the growth of this market in the years to come. (IANS/ MBI)
Keywords: Skin, donkey milk, skincare, anti-ageing, soft skin, hydrate, antioxidant, healing