Income tax act 1961 provides for heavy fees and penalties in case of tax evasion.

The proposed long-term capital gains tax on equity holdings will apply on profits made from sale of shares on or after April 1, 2018.

In a major step towards curbing Black Money, Union Finance Minister Arun Jaitley introduced for many changes in Income Tax Laws in India.

The proposed section is envisaged to have a far-reaching effect on the transactions and so much that even withdrawal of money from the banks will also be under the tax net.