Real estate players whiten black money worth Rs290bThe government also did not lower the income tax rates for the Association of Persons, which would still pay maximum 35% rates. However, individuals’ income tax rates have been cut with effect from July, who will now pay highest rate of 15% plus a fixed tax for the two highest income slabs. The declaration of foreign assets would not be used as evidence in any court of law against the declarant. However, the foreign assets which are disputed in the courts or where proceedings are underway cannot be declared under the scheme. Those who have foreign income and assets will now be required to file their foreign income and assets returns and statements.

Source: The Express Tribune April 08, 2018 23:25 UTC