Government may levy 60 percent income tax on unaccounted deposits in banks
Posted on: 25/Nov/2016 11:21:49 AM
The union cabinet has decided to levy 60 percent tax on the black money deposited in the banks.
The union cabinet is understood to have approved amendments to the income-tax laws late on Thursday,
The move comes amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts in two weeks after the Rs 500 and Rs 1,000 currency notes were banned, which authorities apprehend may be the laundered black money.
The government plans to bring an amendment to the Income Tax Act during the current winter session of Parliament to levy a tax that will be higher than 45 percent tax and penalty charged on black money disclosed in the one-time Income Disclosure Scheme that ended on September 30,
As for those black money holders who did not utilize the window, they would be charged a higher rate which could be close to 60 percent that the foreign black money holder had paid last year.
