Unaccounted deposits to attract 50 percent tax
Posted on: 26/Nov/2016 10:59:51 AM
A minimum of 50 percent tax may be levied on unexplained bank deposits made using the banned currency comprising of 500 and 1000 rupee notes up to December 30 along with a 4-year lock in period for half of the remaining amount.
Total deposits in Jan Dhan accounts have increased to Rs. 64,250 crores. . This has created a great controversy. The government feels that this could be black money.
In case the disclosure is not made and the unaccounted money is detected by tax authorities, it will be charged with 60 per cent tax and a longer lock-in period,
The government is keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30.
