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An optional scheme for Levy of Tax and Penalty on Amount Deposited in the Bank Account which was undisclosed / unexplained

Income Tax - By: - CA Surender Gupta - Dated:- 28-11-2016 Last Replied Date:- 30-12-1899 - The Finance Minister has introduced in the Loksabha THE TAXATION LAWS (SECOND AMENDMENT) BILL, 2016 as on 28-11-2016 to plug these loopholes as early as possible so as to prevent the misuse of the provisions of the Income Tax Act. The Taxation Laws (Second Amendment) Bill, 2016, proposes to make some changes in the Income Tax Act to ensure that defaulting assessees are subjected to tax at a higher rate and .....

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iability The amount of Tax and penalty shall be: 30% as tax of Declared income 33% as Surcharge of the tax on the Declared income as above 10% as penalty of Declared income Thus, total amount payable is around 50% of the Declared income Tax, Surcharge and penalty, as above, shall be payable before filing of declaring The so paid, shall not be refundable Deposit into the Scheme 25% of the declared income shall be deposited in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 Lock in period of .....

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