Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

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 remaining amount under the amendments to tax law the government plans to bring in Parliament shortly. However, a higher 90 per cent tax and penalty could be imposed if assessees do not declare the unaccounted cash voluntarily. Cash deposits made using .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 While the exchange, which was limited to a maximum of ₹ 2,000 per person, has been withdrawn, all old notes without any ceiling can be deposited in bank accounts. This, sources said, had led to a surge in bank deposits, particularly in zero-balance Jan Dhan accounts that swelled by over ₹ 21,000 cro .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version