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Unaccounted deposits to attract 50% tax, 4 yr lock-in period

News and Press Release - Dated:- 26-11-2016 - New Delhi, Nov 25 (PTI) A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the re .....

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the scrapped 500 and 1000 rupee notes above a threshold that are declared to Income Tax authorities may attract 50 per cent tax, as per the amendment to the Income Tax Act approved by the Cabinet last night. Half of remaining deposits, or 25 per cent .....

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ment had after the shock demonetisation, given a 50-day window beginning November 10 for either depositing the 500 and 1000 rupee notes in circulation or exchanging them for new currency. While the exchange, which was limited to a maximum of ₹ .....

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re in just two weeks, raising suspicion that these accounts may have been used to launder black money. While the tax authorities had talked of levying a peak rate of tax and 200 per cent penalty on top of it for any unexplained deposit above ₹ .....

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