The Bill will provide a short window to overseas asset holders to declare their wealth, pay taxes and penalties to escape punitive action.

The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, according to Finance Ministry sources, will be tabled on Friday-- the last day of the first leg of the Budget session of Parliament.

The first leg will end on Friday unless extended. After being tabled, the Bill could be referred to the Parliamentary Committee for scrutiny before being taken up for passage.

Read more: SIT on blackmoney needs more hands

Earlier this week, the Cabinet approved the Bill which provides for a maximum of 10 years rigorous imprisonment for offenders who conceal income and assets and indulge in evasion in relation to foreign assets.

Read more: India presses for auto info exchange to deal with blackmoney

Under the provisions of the new Bill, the offence will be non-compoundable and the offenders will not be permitted to approach the Settlement Commission for resolution of disputes.

There will also be a penalty at the rate of 300 percent of taxes on the concealed income and assets.

Latest News from India News Desk