60% Tax On Unaccounted Deposits? Govt Will Decide After December, Says Gangwar

NEWS WORLD INDIA | 0
15
| November 25 , 2016 , 18:15 IST

saina-nehwal-1420274964

Giving a clear signal that 60 per cent income tax will be levied on unaccounted deposits in banks, the Minister of State For Finance Santosh Kumar Gangwar on Friday said that the decision on this will be taken after December.

Gangwar said this in an exclusive chat with News World India’s Correspondent Raghvendra Dwivedi. Earlier, the Cabinet on Thursday night is believed to have discussed amending laws to levy close to 60 per cent income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes. The move came amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts in two weeks after the 500 and 1,000 rupee notes were banned, which authorities apprehend may be the laundered black money.

IT Amendment Bill Introduced in Lok Sabha; Proposes 30% Tax On Undisclosed Wealth Plus 10% Penalty | NWI

[…] have to pay regular tax on the amount left after deducting the 60 per cent levy. ALSO READ:60% Tax On Unaccounted Deposits? Govt Will Decide After December, Says Gangwar The government has also come up with an income disclosure scheme called the Pradhan Mantri Garib […]