Now 30% tax+ 10% penalty + 33% surcharge on disclosure of hidden income

November 28, 2016 15:26

Union Finance Minister Arun Jaitley moves amendment in taxation law in Lok Sabha.

* 30 per cent tax on undisclosed income plus 10 per cent penalty as also a
33 per cent surcharge proposed in the Income Tax Amendment bill.

* 25 per cent of undisclosed income post demonetisation has to be deposited in the Pradhan Mantri Garib Kalyan Deposit Scheme.

* A 75 per cent tax and 10 per cent penalty in case Income Tax authorities detect undisclosed wealth deposited post demonetisation.

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