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Pay 50% tax on unaccounted deposits, or 85% if caught: govt

News and Press Release - Dated:- 28-11-2016 - New Delhi, Nov 28 (PTI) Providing a window to black money holders, the government today proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while .....

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y introduced a bill to amend the Income Tax law which also provides for black money declarants a mandatorily depositing of 25 per cent of the amount disclosed in anti-poverty scheme without interest and a four-year lock-in period. Those who choose to .....

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ill be levied on the undisclosed income as well as a surcharge called PMGK Cess at the rate of 33 per cent of tax (33 per cent of 30 per cent). Further, the declarants have to deposit 25 per cent of the undisclosed income in a scheme to be notified b .....

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