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Govt to impose 50% tax and 4 years lock period on unaccounted deposits made using old notes newsreporter.in

Govt to impose 50 tax and 4 years lock period on unaccounted deposits made using old notes

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 the scrapped 500 and 1,000 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.

2016-11-26 10:52:04 by Thomas Oliver

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