There's some delightful news for those with Swiss bank accounts. Indians , who opted for such numbered account service, have a way to mislead anyone trying to hunt them down. For them, a new window in the tax law has flung open just when some of the doors are about to shut. The law of the land has made it possible for them to bring back the money , legitimise it by paying 15% tax, and park it in any account with a bank in India. No questions will be asked. The taxman won't harass them because it's money on which tax has been paid. Is this Welcome ?
The step is indeed very good.But I have my doubts as to how successful it will be in practical.The money in Swiss bank belongs to our politicians and big shot businessmen.when their money is quite safe in Swiss bank why will they opt to bring it back here and pay 15% tax.As such due to it's business ethics swiss bank will not disclose the names of it's accountholders and even if it does so the big shot politicians will never initiate any action against the defaulters.Perhaps this step is just a step in mockery , just to pacify all the people who are demanding it , ands practically it may have no use at all.
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No way. if money earned by the individual through hawala or Bofors commision than now it is legitimate by paying only 15%? Indian honest salaried person paid higher tax with usual surcharges during that period,its not the fair practice at all