Latest Disclosure scheme with 50% tax rate - Demonetisation News The government on Monday unveiled yet another disclosure scheme for deposits made till December 30 and proposed amendments in the Income-Tax Act, proposing harsher penalty for evaders.
Finance Minister Arun Jaitley introduced a Bill to this effect in Parliament on Monday. This is the third income disclosure scheme introduced by the Bharatiya Janata Party (BJP) government in the past two years.
|Those who deposit in old Rs 500 and Rs 1,000 notes, post-demonetisation and declare black money||Rs 30||Rs 10 to go to Pradhan Mantri Garib Kalyan Cess||Rs10||Rs 25 to go to Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years to be used for irrigation, housing, toilets, infra, primary education and health, livelihood. No interest to be paid to depositors|
|Those who do not declare black money||Rs 60||Rs 15||Rs10, if tax officer decides|
Note: There were other amendments to the existing I-T Act as well; Source: Finance Ministry