question_answer

Consider the true statements regarding provision under the black money (undisclosed foreign income and assets) and Imposition of Tax Bill, 2015

I. Undisclosed foreign income or assets shall be taxed at the rate of 30%.

II. The punishment would be rigrous imprisonment from 3 to 10 yr.

III. Maximum penalty of Rs. 1 crore with imprisonment.

Select the correct answer using the codes given below

A) I and II            

B) Only II

C) II and III                       

D) Only III

E) I, II and III